New Central Bank Contract Amendment
Source: RNS
Spectra Systems Corporation
15 August, 2022
Spectra Systems Corporation ("Spectra")
New Central Bank Contract Amendment for Expanded Sensor Testing
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 an amendment to a contract with a central bank customer (most recently announced on 15 June 2022) to support expanded testing of sensors prior to delivery. As a result, approximately $4mm of additional revenue is contracted in the period to 31 December 2024. A significant portion of the profits from this unexpected contract amendment will be used towards additional sales and marketing efforts for our machine-readable secure polymer substrate, FusionTM.
Dr. Nabil Lawandy, Chief Executive Officer, stated: "This new contract amendment will provide additional pre-production data to our customer prior to implementing our sensors in the field. This additional contract will further increase the development phase revenue from $10.8 million to $14.8 million, while maintaining the existing timeline for sensor manufacturing"
This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
Enquiries:
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Spectra Systems Corporation Dr. Nabil Lawandy, Chief Executive Officer
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Tel: +1 (0)401 274 4700
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WH Ireland Limited (Nominated Adviser and Joint Broker) Chris Fielding (Head of Corporate Finance) Andrew de Andrade (Corporate Finance)
Allenby Capital Limited (Joint Broker) Nick Naylor/James Reeve (Corporate Finance) Amrit Nahal (Sales and Corporate Broking) |
Tel: +44 (0)20 7220 1650
Tel: +44 (0)20 3328 5665
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