Spectra Systems Corporation Update on Development Contracts
June 14 2023 - 2:00AM
RNS Non-Regulatory
TIDMSPSY
Spectra Systems Corporation
14 June 2023
RNS Reach
June 14, 2023
Spectra Systems Corporation ("Spectra" or the "Company")
Update on Development Contracts
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
entered into a $1.9 million contract for the development and
production of three online quality control units for a central bank
as expected.
In addition, it has achieved two sensor development milestones
worth an aggregate of $2.7 million under the contract, announced on
October 21,2020, related to the approval of an alpha phase unit
successfully operating on the new sorting machines being acquired
by the central bank customer.
Dr Nabil Lawandy (Chief Executive Officer) commented: "We are
pleased to make this announcement today. These developments and
payments were included in our financial projections for the 2023
fiscal year and solidify our expectations for the full year
results."
Enquiries:
Enquiries:
Spectra Systems Corporation
Dr. Nabil Lawandy (Chief Executive Officer) Tel: +1 (0) 401 274 4700
WH Ireland Limited (Nominated Adviser and Broker) Tel: +44 (0)20 7220 1650
Chris Fielding (Managing Director, Corporate
Finance)
Andrew de Andrade (Executive, Corporate Finance)
Tel: +44 (0)20 3328 5665
Allenby Capital Limited (Joint Broker)
Nick Naylor/James Reeve (Corporate Finance)
Amrit Nahal (Sales and Corporate Broking)
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