LONDON: Spectra Systems Corporation announced that it has executed a new contract with a major world central bank to enhance existing authentication sensors to detect a unique type of counterfeit notes.

The contract has two phases, the first is a development phase worth $521,000 and the second phase relates to the optional upgrade of up to 10 sensors worth up to $175,000.  The first phase is anticipated to be completed by December 2020 barring any Covid-19 related delays at the customer site, while the second phase is at the discretion of the central bank.

Dr. Nabil Lawandy, Chief Executive Officer, stated: “We are pleased that one of our long standing customers has provided us with the opportunity to provide new cutting edge anti-counterfeiting technology.  This contract further supports the importance of cash transactions in countries with technologically advanced economies.”