Second phase of contract for sensor development

Spectra Systems Corporation

("Spectra")

Second phase of contract for sensor development executed with central bank

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 agreement with its central bank customer concerning the second phase of the sensor development originally announced on 21 October 2020.  This $5.6 MM revenue second phase follows the $1.9MM first phase development.

Dr. Nabil Lawandy, Chief Executive Officer, stated: "We are pleased that this technologically sophisticated central bank has provided us with the opportunity to continue to phase II of the sensor development which will lead to the production of a yet unspecified number of sensors for their advanced cash processing operations."

Enquiries:

Spectra Systems Corporation

Dr. Nabil Lawandy, Chief Executive Officer                                       Tel: +1 (0) 401 274 4700

WH Ireland Limited

Chris Fielding, Managing Director, Corporate Finance                   Tel: +44 (0) 20 7220 1650 

This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.