(Alliance News) - Security technology provider Spectra Systems Corp on Thursday announced a new contract with a major world bank to enhance existing authentication sensors to detect a unique type of counterfeit notes.
The contract has two phases, of which the first is a development phase worth USD521,000, due to be completed by December but is dependent on any Covid-19 related delays.
The second phase relates relates to the optional upgrade of up to 10 sensors worth up to USD175,000 and is up to the discretion of the central bank.
The Darlington, England-based company's Chief Executive Nabil Lawandy said: "We are pleased that one of our long standing customers has provided us with the opportunity to provide new cutting edge anti-counterfeiting technology.
"This contract further supports the importance of cash transactions in countries with technologically advanced economies."
Spectra shares were down 1.1% at 126.06 pence on Thursday midday in London.
By Greg Roxburgh; gregroxburgh@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Spectra (unres) (SPSY)