Last checked at 25 Nov 2013 07:00
November 25, 2013
Spectra Systems Corporation
("Spectra Systems" or the "Company")
Spectra systems agrees to test its Soiled Banknote Cleaning Technology with a G8 Central Bank
The Board is delighted to announce that Spectra Systems has entered into a testing program to evaluate its technology involving the use of supercritical fluids to clean heavily soiled banknotes, thereby allowing them to be returned to circulation and effectively increasing their life.
With global banknote replacement costs approaching $10 billion annually, and most banknotes being replaced due to soiling, data from this testing program will be invaluable to the Company in determining the potential of this technology to create a sizable revenue steam if adopted by major central banks.
Spectra Systems is also in the process of arranging similar tests with other major central banks.
Nabil Lawandy, Spectra System's CEO, stated:
"We are grateful to the Central Bank for providing us with the opportunity to further assess the efficacy and economic impact of our banknote cleaning technology. In addition to the benefits of reducing the cost of replacing banknotes, this effort has a green component as it could significantly reduce the environmental impact of shredded banknotes, a benefit which Central Banks also greatly value.
Enquiries:
Spectra Systems Corporation
Dr. Nabil Lawandy, Chief Executive Officer Tel: +1 (0) 401 274 4700
WH Ireland Limited
Chris Fielding (Head of Corporate Finance) Tel: +44 (0) 20 7220 1650