PROVIDENCE, R.I., Oct. 21, 2013 /PRNewswire/ -- Spectra
Systems Corporation, a leader in machine-readable high speed
banknote authentication, today announced that on October 1, 2013, it entered into an Asset
Purchase Agreement with Inksure Technologies Inc. (OTCBB:INKS) to
acquire substantially all of Inksure's brand protection and tax
stamp authentication assets, including its long-standing customer
relationships and authentication products. The transaction is
subject to various closing conditions, including Inksure
stockholder approval and the approval of the Israeli Office of the
Chief Scientist to the transfer of Inksure's Intellectual
Property. The closing date of the transaction is anticipated
to be in December 2013.
Inksure develops, markets and sells customized authentication
solutions designed to enhance the security of documents and branded
products, to meet the growing demand for protection from
counterfeiting. In this context, "counterfeit items" are imitation
items that are offered as genuine with the intent to deceive or
defraud. Inksure's technology is applied to consumer items and
high-value documents using a proprietary verification system that
is available on, among other platforms, most smart phones.
"The expansion of Spectra's business beyond physical banknotes
and secure software based transactions into consumer goods and
particularly tax stamps, will allow us to utilize our blue-chip
credentials with central banks and the gaming community to gain
market share throughout these segments of the authentication
industry," said Nabil Lawandy, CEO
of Spectra Systems Corporation. "With governments
seeking to raise more revenues, we believe that the integrity of
tax stamps will increase in importance and continue to support a
strong case for the use of the field deployable authentication
technology developed by Inksure."
About Spectra
Spectra Systems, headquartered in Providence, RI, is a leading provider of
machine-readable banknote authentication technology and transaction
security software with manufacturing and engineering facilities in
East Providence, RI and
Vancouver, BC Canada. Spectra Systems is a traded company on
the London Stock exchange since July of 2011.
SOURCE Spectra Systems Corporation