July 24, 2014
Spectra Systems Corporation
("Spectra Systems")
Partnership with Cool Clean Technologies for Design and Delivery of Production-Ready AerisTM Banknote Cleaning Systems
Spectra Systems has executed a contract at a cost of $400,000 with Cool Clean Technologies of Eagan Minnesota for the development of a fully productized AerisTM system using supercritical CO2 to clean soiled banknotes. Cool Clean Technologies is a market leader in the use of CO2 fluid systems for extraction and cleaning applications in the medical, aerospace, defense, and semi-conductor industries. Their knowledge of high pressure vessel design and worldwide variations in safety design requirements will ensure that the units are compliant with all geographical industry standards.
The system will incorporate temperature and pressure ranges and ease of use specifications arising from both our operational experiences as well as from central banks that recently performed testing on-site at Spectra Systems' facilities.
The contract will result in the delivery of the first system in November 2014 and has specified unit costs for two types of systems that are suited for 300,000,000 and 600,000,000 banknotes per year, respectively. The units are being designed for a ten year life cycle with routine preventative maintenance.
Nabil Lawandy, Spectra System's CEO, stated:
"We are extremely excited about partnering with Cool Clean Technologies after many discussions with other suppliers over the last six months. Their team brings a balance of innovation, reliability and price point which are all critical to winning our first customers. We are optimistic that the very positive results we have achieved with the various central bank cleaning tests, along with the operator-friendly system being developed to our specifications by Cool Clean Technologies, will position us to introduce the technology at a central bank facility in 2015."
Enquiries:
Spectra Systems Corporation
Dr. Nabil Lawandy, Chief Executive Officer Tel: +1 (0) 401 274 4700
WH Ireland Limited
Chris Fielding (Head of Corporate Finance) Tel: +44 (0) 20 7220 1650
