Company Announcements

Spectra Systems Corporation

August 16, 2022

Spectra Systems Corporation ("Spectra")

First Banknote Disinfection System Sold for use by an Asian 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 yesterday received an order for a Banknote Disinfection System (BDS) to be installed at an Asian central bank. The BDS system contributes to the safety of central bank staff who handle banknotes incoming from circulation, which may carry bacterial and viral pathogens.  Spectra's BDS units are capable of disinfecting banknotes of varying volumes in one hour, even when strapped or in sealed bags, and range in price from $150,000 to $800,000.

The Banknote Disinfection System is based on Spectra's patented technology which utilizes an oxygen-free environment and heat to eliminate a broad spectrum of pathogens from mould to SARS-2 on both paper and polymer banknotes The removal of oxygen prevents oxidative damage of the substrate and the costly security features from taking place.  The system is a plug and play technology which does not require external gasses as it extracts oxygen from the air and pumps pure nitrogen into the heating unit. 

Dr. Nabil Lawandy, Chief Executive Officer, stated: "The BDS system is yet another example of our ability to provide cutting edge solutions to the world's central bank customers when they need them and in record time.  Whilst this first sale is not expected to materially impact our performance this year, we are optimistic that it  will open the door to additional sales as central banks are seeing higher demands for cash with rising inflation while processing staff continue to struggle with pathogens ranging from common E. coli to Sars-2 and now monkeypox."

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.

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