Spectra executes five-year agreement with large banknote printer

Authentication and security systems provider Spectra Systems Corporation has executed a five-year sensor service contract with an existing unnamed licensee, it announced on Tuesday.

The AIM-traded firm said the licensee was one of the world's largest banknote printers.

It said the minimum revenue from the contract was $1m, excluding repair services, which would be charged on a time and materials basis.

“We are particularly delighted that the service contract with our long time licensee underpins their commitment to selling the technology and products already in the market and supplied by us,” said Spectra chief executive officer Dr Nabil Lawandy.