PROVIDENCE, Rhode Island, Jan. 19, 2015 /PRNewswire/ -- Spectra Systems Corporation today announced that breakthrough work by the Company has resulted in the allowance of two key patents by the United States Patent and Trademark Office and the issuance of one of these patents. The issued US patent entitled "Supercritical Fluid Cleaning of Banknotes and Secure Documents' (US 8932409) protects the Company's position as the pioneers of a process that could save central banks around the world billions of dollars annually on costs of replacing soiled banknotes.
"We are pleased that we have received patent protection for a process that cleans banknotes without compromising the costly security features on banknotes and that has the potential to save significant amounts of money for taxpayers around the world. In addition to reducing costs for producing new banknotes which are approaching $10 billion annually around the world, the process protects banknote processing staff from contaminants on the notes," said Dr. Nabil Lawandy, Spectra's CEO.
The issued patent has 19 claims and forms the basis for international filings as well as additional patent applications on associated hardware and processes for decontamination of banknotes. The second allowed patent has 38 claims. Additional patents which extend the use of supercritical fluids to restore the rigidity of banknotes, in addition to cleaning them, are pending.
Thomas A. Ferguson, formerly the Director of the Bureau of Engraving and Printing, a part of the United States Department of the Treasury from 1998 to 2005, stated, "Spectra Systems Corporation is to be congratulated on the awarding of the patent for "Supercritical Fluid Cleaning of Banknotes and Secure Documents". As currency issuing authorities are faced with increased costs of today's sophisticated and technologically advanced banknotes, they are challenged with finding ways to extend the useful life of the notes they issue. It appears that Spectra's new technology has the potential of cost effectively extending circulation life and lowering the cost of maintaining currency in circulation."
Also commenting on the issuance of the patent was Eugenie Foster, Principal of Eugenie Foster LLC, a highly respected consultancy in the area of cash management and processing and formerly Cash Manager for the Board of Governors of the United States Federal Reserve System stated "Spectra Systems Corporation's patented technology for the Supercritical Fluid Cleaning of banknotes has significant potential for reducing the expenses of central banks, other banknote issuing authorities, and cash processors for the acquisition of new banknotes, a major cost in the cash cycle. In addition, increasing the number of banknotes that can be recirculated for payments rather than destroyed offers important environmental benefits: fewer raw materials, less energy used in manufacturing, and less waste. The concept of superfluid cleaning is one of the few completely novel ideas to be advanced for banknotes in recent decades. I encourage central banks and cash processors to explore the disruptive potential of Superfluid Cleaning Technology, to preserve and promote the efficiency of cash, and lessen its environmental effects."
Spectra Systems will have a production machine ready for sale by the end of Q1, 2015. The machine, designed for ease of use and efficient work flow, is being developed under contract with Cool Clean Technologies of Eagan Minnesota, a world leader in supercritical fluid applications and technology. It will have the capacity to clean up to 130,000 banknotes per run and up to 150,000,000 banknotes per year.
Spectra Systems, headquartered in Providence, RI, is a leading provider of machine-readable banknote authentication and gaming security technology with manufacturing and engineering facilities in East Providence, RI and Vancouver, BC Canada. Spectra Systems is a listed company on the London Stock Exchange (AIM) since July of 2011.
For additional information on Spectra Systems and its technologies and products, visit www.spsy.com.
SOURCE Spectra Systems Corporation