Maintenance contract for new sensors
Spectra Systems Corporation has secured a five-year service agreement for the maintenance of existing and new generation sensors, with an estimated service revenue of approximately $6.7 million between 2026 and 2030. This new contract follows an authorized payment of $5.69 million for the initial production tranche of new sensors, as previously announced on July 16, 2024. The company views this as a significant opportunity to support a key customer initiative and maintain their trust in servicing their sensor technology.
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Spectra Systems Corporation, a leader in machine-readable high speed banknote authentication, security printing, brand protection technologies and gaming security software, is pleased to announce that it has executed a five-year service agreement with a customer for the maintenance of existing sensors as well as the new generation sensors which are replacing them. The service revenue for the combined suite of sensors depends on the customer deployment schedule and is approximately $6.7M from 2026-2030. This contract has been executed on the back of the authorization for a payment of $5.69M for the first production tranche of new sensors as part of the sensor manufacturing contract announced on 16 July 2024.
- Nabil Lawandy, CEO of Spectra Systems, stated: "We are delighted to be part of this important new initiative by our customer and to be trusted with the responsibility of maintaining and servicing the suite of current operating sensors as well as new ones as they are deployed"
Nabil Lawandy, Chief Executive Officer of the Company.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.