Last checked at 13 Jan 2014 07:00
Spectra Systems Corporation ("Spectra Systems" or the "Company")
Second G 8 central bank test program for supercritical fluid cleaning of banknotes
The Board is delighted to announce that Spectra Systems has agreed to enter into a testing program scheduled to begin in April of this year, with a second G 8 central bank to evaluate its supercritical CO2 ("SCCO2") 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. This follows the ongoing trial with the first G8 central bank announced on 25 November 2013.
With banknote replacement costs approaching $10 billion annually, and most banknotes being replaced due to soiling, data from these central bank testing programs will be invaluable to the Company for determining the potential of this technology for creating a sizable revenue steam if adopted by major central banks. Spectra Systems will provide data to the industry from these trials at the Banknote 2014 conference in Washington DC commencing on 7 April 2014.
Spectra Systems also announces that its seminal work on the cleaning of soiled banknotes using SCCO2 has been published in the prestigious peer reviewed journal of the American Chemical Society, Industrial and Chemical Engineering Research. The paper, entitled "Supercritical Fluid Cleaning of Banknotes", is authored by Nabil M. Lawandy and Andrei Y. Smuk, Spectra's CEO and Director of Research and Development, respectively. The American Chemical Society has chosen to highlight this work in a featured press release http://www.acs.org/content/acs/en/pressroom.html) which has received broad coverage, including the Los Angeles Times (http://touch.latimes.com/#section/-1/article/p2p-78822882/) and other international news bureaus (see News section on the Company website: http://www.spectra-science.com/company-news.html)
Nabil Lawandy, Spectra System's CEO, stated:
"Spectra Systems is founded on cutting edge technology and the publication of our work in a leading scientific journal provides third party validation for its breakthrough technical results. The addition of a second G 8 central bank to the testing program will provide more data to help us formulate a compelling business proposition to the industry"
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