8th Jan 2020 11:52
(Alliance News) - Banknote authentication and brand protection technology provider Spectra Systems Corp said Wednesday its products have qualified for further evaluation by a "major" Asian central bank.
The company said its products, along with those of other vendors, were first tested at the laboratory level and now have been selected for the next stage of evaluation involving a multi-million note test.
"These tests with our products and other successful vendors will be undertaken over the next days and will be used as part of the full technical evaluation process," the company said.
Spectra expects that subsequent to these tests, the central bank will evaluate the entire technology package from the qualifying vendors, including the business terms, and arrive at a selection.
The company believes that this final selection will take place in 2020.
Nabil Lawandy, chief executive officer, said: "We are very pleased to have been selected to continue on to the large scale evaluation stage by the central bank and hope that we will have the opportunity to provide this customer with the quality of service and accountability we have provided G7 central banks over the last decade".
Spectra Systems shares were up 2.2% in London at 159.40 pence each on Wednesday.
By Loreta Juodagalvyte; [email protected]
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