, a leading provider of security technologies from banknote authentication to gaming security software, announced on Tuesday that it had received funding approval for an order of its new quality control equipment to a G7 central bank.
The contract, valued at $1.3 million, is to deliver three advanced quality control units used in the manufacturing of banknotes with the company’s materials.
Dr. Nabil Lawandy, Chief Executive Officer of Spectra, commented, "We are delighted that our long standing G7 customer has provided us with the opportunity to upgrade and replace the current equipment used in banknote production. This new equipment will support our continued sales of materials to our central bank customer for many years to come.”
The company explained that the contract, along with its terms, have now been fully approved with its implementation scheduled for later this month whilst the new units will be engineered throughout the year, with its delivery anticipated for 2020.
Shares in Spectra Systems increased over 9% following this morning's news.
Additionally, profits as a result of the contract will push the company to accelerate its G8 material manufacturing throughout the year to address resources for production requirements for a Request for Proposals from an Asian central bank received recently.
Following the G7 contract, it is anticipated that Spectra’s profits, by the end of 2019, will exceed market expectations significantly, the company reasoned.
Ahead of the company’s mid-year financial statement, expected to be released next week, Dr Lawandy further added, "We are also delighted that we are able to provide a second positive trading update for 2019 which is both reflective of an increasing product mix and includes new hardware sales which support the long term sales of our consumables."
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