Spectra Systems Corporation Contract wins (9241M)
22 July 2014 - 4:00PM
UK Regulatory
TIDMSPSY TIDMSPSC
RNS Number : 9241M
Spectra Systems Corporation
22 July 2014
22 July 2014
Spectra Systems Corporation
("Spectra Systems")
Award of Contracts for Smartphone Product Authentication in
Asia
The Board is delighted to announce that Spectra Systems has
executed contracts with two suppliers of product authentication
services in Asia for its Smartphone based technology for
authentication of retail products. The licenses are non-exclusive
in the People's Republic of China and exclusive in Korea. The
agreements include recurring license fees and minimum annual order
quantities for materials supplied by Spectra. Together, the
minimums and license fees will add over $100,000 of contribution to
the Company in 2015 with significant growth potential.
One of the contracts includes options for cloud-based
authentication and data mining services which would be provided by
our Secure Transactions Group in Vancouver, creating value from the
synergistic combination of our software expertise and our
established physical authentication capabilities.
Nabil Lawandy, Spectra System's CEO, stated:
"We are very bullish on the growth potential of revenues through
the licenses to our Asian partners. The use of Smartphones not only
serves to authenticate products, but also can provide valuable
marketing data to brand owners. The Asian market has an urgent need
for this mode of consumer-based authentication and presents
significant opportunities for our current generation as well as our
future Smartphone based authentication developments."
Enquiries:
Spectra Systems Corporation
Dr. Nabil Lawandy, Chief Executive Officer Tel: +1 (0) 401 274 4700
WH Ireland Limited
Chris Fielding (Head of Corporate Finance) Tel: +44 (0) 20 7220 1650
This information is provided by RNS
The company news service from the London Stock Exchange
END
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