Last checked at 22 Jul 2014 07:00
22 July 2014
Spectra Systems Corporation
("Spectra Systems")
Award of Contracts for Smartphone Product Authentication in Asia
The Board is delighted to announce that Spectra Systems has executed contracts with two suppliers of product authentication services in Asia for its Smartphone based technology for authentication of retail products. The licenses are non-exclusive in the People's Republic of China and exclusive in Korea. The agreements include recurring license fees and minimum annual order quantities for materials supplied by Spectra. Together, the minimums and license fees will add over $100,000 of contribution to the Company in 2015 with significant growth potential.
One of the contracts includes options for cloud-based authentication and data mining services which would be provided by our Secure Transactions Group in Vancouver, creating value from the synergistic combination of our software expertise and our established physical authentication capabilities.
Nabil Lawandy, Spectra System's CEO, stated:
"We are very bullish on the growth potential of revenues through the licenses to our Asian partners. The use of Smartphones not only serves to authenticate products, but also can provide valuable marketing data to brand owners. The Asian market has an urgent need for this mode of consumer-based authentication and presents significant opportunities for our current generation as well as our future Smartphone based authentication developments."
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