Spectra Systems Corporation New contract awards (3001Z)

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RNS Number : 3001Z

Spectra Systems Corporation

24 January 2022

Spectra Systems Corporation

24 January 2022

Spectra Systems Corporation ("Spectra")

New contract awards

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

Spectra Systems Corporation, a leader in machine-readable high speed banknote authentication, brand protection technologies and gaming security software, is pleased to announce three new contract awards.

New Banknote Authentication Revenues

Spectra received an additional order for covert materials from its largest central bank customer, increasing this year's initial order by 20%. This increase in order size brings the aggregate order for the current year to 75% of last year's record order size.

In addition to the increased order for covert materials, the customer renewed its sensor service contract at nearly double its historical annual value. This service contract will continue through the deployment of the new sensors which are currently being developed (announced on 2 February 2021) and will overlap with an anticipated service contract specific to the new generation of sensors.

Software Security

Finally, Spectra's Secure Transaction Group has entered into a new contract for an existing USA state lottery customer worth at least $500,000 for the ten-year contract period.

In total, these three new contracts will generate $700,000 of additional unforecasted revenue for the 2022 calendar year.

Dr. Nabil Lawandy, Chief Executive Officer, stated: "We are delighted to announce these new contract awards which deliver further growth in revenues from existing customers across materials, service and software business lines. The increase in materials orders from our largest central bank customer further bolsters the need for reserve currency banknotes."

Enquiries:

 
Spectra Systems Corporation                        Tel: +1 (0)401 274 4700 
 Dr. Nabil Lawandy, Chief Executive Officer 
WH Ireland Limited (Nominated Adviser              Tel: +44 (0)20 7220 1650 
 and Broker) 
 Chris Fielding (Managing Director, Corporate 
 Finance) 
 Andrew de Andrade (Executive, Corporate            Tel: +44 (0)20 3328 5665 
 Finance) 
 
 Allenby Capital Limited (Joint Broker) 
 Nick Naylor/James Reeve (Corporate Finance) 
 Amrit Nahal (Sales and Corporate Broking)

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January 24, 2022 02:00 ET (07:00 GMT)

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