Spectra Systems to acquire key assets of Inksure Technologies Inc.
PROVIDENCE, Rhode Island, Oct. 21, 2013 /PRNewswire/ -- Spectra Systems Corporation, a leader in machine-readable high speed banknote authentication, today announced that on October 1, 2013, it entered into an Asset Purchase Agreement with Inksure Technologies Inc. (OTCBB:INKS) to acquire substantially all of Inksure's brand protection and tax stamp authentication assets, including its long-standing customer relationships and authentication products. The transaction is subject to various closing conditions, including Inksure stockholder approval and the approval of the Israeli Office of the Chief Scientist to the transfer of Inksure's Intellectual Property. The closing date of the transaction is anticipated to be in December 2013.
Inksure develops, markets and sells customized authentication solutions designed to enhance the security of documents and branded products, to meet the growing demand for protection from counterfeiting. In this context, "counterfeit items" are imitation items that are offered as genuine with the intent to deceive or defraud. Inksure's technology is applied to consumer items and high-value documents using a proprietary verification system that is available on, among other platforms, most smart phones.
"The expansion of Spectra's business beyond physical banknotes and secure software based transactions into consumer goods and particularly tax stamps, will allow us to utilize our blue-chip credentials with central banks and the gaming community to gain market share throughout these segments of the authentication industry," said Nabil Lawandy, CEO of Spectra Systems Corporation. "With governments seeking to raise more revenues, we believe that the integrity of tax stamps will increase in importance and continue to support a strong case for the use of the field deployable authentication technology developed by Inksure."
Spectra Systems, headquartered in Providence, RI, is a leading provider of machine-readable banknote authentication technology and transaction security software with manufacturing and engineering facilities in East Providence, RI and Vancouver, BC Canada. Spectra Systems is a traded company on the London Stock exchange since July of 2011.