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Spectra Systems Corporation received an additional order for covert materials from its largest central bank customer, increasing the initial order by 20% and bringing the aggregate order to 75% of last year's size. The company also renewed a sensor service contract with the same customer at nearly double its historical annual value. Additionally, Spectra entered a new software security contract worth at least $500,000 for a ten-year period with an existing USA state lottery customer, with these three new contracts projected to generate $700,000 of additional unforecasted revenue for the 2022 calendar year.
| Date | 24 Jan 2022 |
| Time | 07:00:14 |
| Category | Corporate updates |
| ID | 3001Z |
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:
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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 Broker) Chris Fielding (Managing Director, Corporate Finance) Andrew de Andrade (Executive, 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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