Last checked at 9 Jul 2020 07:00
Spectra Systems Corporation
("Spectra")
Contract for enhanced counterfeit banknote detection with a major central bank
Spectra Systems Corporation, a leader in machine-readable high speed banknote authentication, brand protection technologies, and gaming security software, is pleased to announce that it has executed a new contract with a major world central bank to enhance existing authentication sensors to detect a unique type of counterfeit notes.
The contract has two phases, the first is a development phase worth $521,000 and the second phase relates to the optional upgrade of up to 10 sensors worth up to $175,000. The first phase is anticipated to be completed by December 2020 barring any Covid-19 related delays at the customer site, while the second phase is at the discretion of the central bank.
Dr. Nabil Lawandy, Chief Executive Officer, stated: "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."
Enquiries:
Spectra Systems Corporation
Dr. Nabil Lawandy, Chief Executive Officer Tel: +1 (0) 401 274 4700
WH Ireland LimitedChris Fielding, Managing Director, Corporate Finance Tel: +44 (0) 20 7220 1650
This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.