LONDON: Spectra Systems Corporation has executed a comprehensive services contract with a central bank for the development, manufacture and servicing of a sensor system for this customer.

Spectra Systems is a leader in machine-readable high speed banknote authentication, brand protection technologies, and gaming security software.

The contract includes $1.9 million to initiate Phase 1 development work and has three major additional phases which include a $5.6 million Phase 2 development through 2023, as much as $34 million for the delivery of an as yet unspecified number of sensors, and a service component worth approximately $7.5 million (covering the current sensors and including the typical ten year life of the maximum number of new sensors to be delivered after development).

Dr. Nabil Lawandy, Chief Executive Officer, stated: “We are pleased that this technologically sophisticated central bank has provided us with the opportunity to provide new cutting edge sensors for their cash operations.”