Additional Central Bank Development Revenues

Spectra Systems Corporation

June 15, 2022

Spectra Systems Corporation ("Spectra")

Additional Central Bank Development Revenues

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 executed an amendment to a contract with a central bank customer (previously announced on 2 February and 21 April 2021), increasing the sensor development phase revenues by an additional $2mm. The contract is related to expanding the flexibility of use for the new sensors being developed.

Dr. Nabil Lawandy, Chief Executive Officer, stated: "We continue to provide cutting edge capabilities to our central bank customers who depend on us to respond quickly and effectively to their increasing requirements.  This additional contract will increase the development phase from $8.8MM to $10.8MM while maintaining the existing timeline for sensor manufacturing and further solidifies our long-standing relationship with this central bank customer."

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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