Spectra Systems Corporation buys Inksure Technologies assets

2nd Oct 2013 10:48

Spectra Systems Corporation has agreed to acquire the assets of Inksure Technologies, which makes taggant technology for brand protection and anti-counterfeiting of secure documents and consumer goods. Spectra, manufacturer of advanced technology-based products used in authenticating and processing bank notes, will buy all of Inksure's brand protection and tax stamp authentication assets, along with its authentication technology.The company will pay $1m plus the book value of the inventory and 50% of the book value of its receivables, estimated in aggregate at less than $0.5m. Inksure's assets will be incorporated into Spectra's existing business.The transaction is subject to shareholder and regulatory approval.Inksure reported $1.1m in revenue for the year to end of December 2012 with a pre-tax net loss of $0.85m from continuing operations and gross assets of $1.2m."The expansion of Spectra's business beyond physical banknotes and secure transactions into consumer goods and particularly tax stamps, will allow us to utilise our blue-chip credentials with central banks and the gaming community to gain market share throughout these segments of the authentication industry," said Chief Executive Officer Nabil Lawandry. "The board considers this to be an exciting acquisition for Spectra which will make a significant contribution to our future profits, both directly and through the elimination of duplicated costs."Spectra's shares held steady at 30p at 11:01 on Wednesday.RD