Last checked at 18 Feb 2013 07:00
For immediate release: 18 February 2013
Spectra Systems Corporation (the "Company" or "Spectra")
Pre-close Trading Update
The Directors are pleased to provide a trading update ahead of the preliminary results of Spectra for the year ended 31 December 2012, which they expect to release in week commencing 15 April 2013.
They are pleased to announce that Spectra has continued to perform in line with the Board's expectations since 30 June 2012.
In the annual report for the year ended 31 December 2011, the Board referred to a contingent liability in respect of a shareholder claim under a license agreement for US$2.1 million relating to the years 2004 to 2010. The Board stated that it disagreed with the shareholder's interpretation of the license agreement.
Late last week, the Company received a summons from the shareholder claiming US$2.1 million in respect of this dispute. Having taken legal advice, the Board continues to believe that there is no basis for the US$2.1 million claim and is continuing working to resolve the dispute. The Company is prepared to defend its position in the courts if a resolution cannot be reached.
Apart from this extraordinary event, the Board anticipates Spectra's underlying performance in the year ended 31 December 2012 will meet market expectations.
Enquiries:
Spectra Systems Corporation
Dr. Nabil M. Lawandy, Chief Executive Officer
Doug Anderson, Chief Financial Officer Tel: +1 (0) 401 274 4700
WH Ireland Limited
Chris Fielding, Head of Corporate Finance Tel: +44 (0) 20 7220 1650
Media Enquires:
The Communications Portfolio Limited
Philip Ranger / Caolan Mahon Tel: +44 (0) 20 7536 2028 / 2029
philip.ranger@communications-portfolio.co.uk