Last checked at 17 Oct 2014 07:19
Spectra Systems Corporation
("Spectra Systems")
Update on AerisTM Banknote Cleaning Testing Programs with Central Banks
Over that past six months, Spectra Systems has been undertaking a number of testing programs with central banks to obtain important feedback from potential customers on the supercritical CO2 cleaning process for banknotes and to further refine its business proposition. We are pleased to provide shareholders with an update on the ongoing test process.
Tests with an Asian central bank and a G8 central bank are nearing completion. The remaining work is primarily focused on the removal of toxic materials and biohazards from banknotes to protect processing staff.
A test with the Banco de Mexico has been completed last month, performing a single supercritical CO2 cleaning test at one set of parameters (temperature, pressure, duration) and testing one denomination of banknotes. Mexico, which uses a combination of polymer and paper banknotes, provided Spectra Systems with well characterized 100 Peso denomination notes sufficient in number to perform the test. The cleaned notes were then returned to the Banco de Mexico and re-characterized.
Based on this test, the Banco de Mexico stated that: "specifically for the Mexican banknote mix and design, the cleaning process does not meet the central bank's needs at this time and we will consider a second trial of the cleansing technology for the new series of Mexican banknotes, to be issued in 2019".
Nabil Lawandy, Spectra Systems CEO stated: "we are grateful to Banco de Mexico for their collaboration with the group and we are hopeful that we may be able to undertake a more comprehensive second test program over a range of cleaning parameter settings with the bank in the future after we incorporate their invaluable feedback to optimize the process for the Peso design".
Over the past month, a second Asian central bank has initiated a test program and another third major Asian central bank has requested a detailed estimate of the ongoing operating costs based around the capacity of the commercial AerisTM system being built by Cool Clean Technologies.
The Board continues to be optimistic about the commercialization of the AerisTM banknote cleaning technology and its potential impact on the group's performance over the next few years.
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