(MENAFN- ProactiveInvestors - N.America) Shares in Spectra Systems Corp (LON:SPSY) advanced in Thursday's early deals after the authentication specialist landed a deal with a Chinese customer.
TruBrand a smartphone based system has been contracted for six years by a China based label manufacturing company.
The technology allows customers to verify the authenticity of products by scanning information embedded on labels and packaging.
Spectra told investors the deal is the first important adoption of its technology and it is expected to get underway in January 2017.
Dr Nabil Lawandy Spectra chief executive described it as a critical milestone in the acceleration of sales for the new technology.
'TruBrand eliminates the need for costly readers and allows the consumer to authenticate the product themselves' he added. 'TruBrand has a multitude of applications including very large scale multibillion unit products such as tobacco in China and could be a transformative source of revenue for the company.'
Lawandy added: "The board is very pleased to see additional long term contracted revenue growth in areas outside of the banknote industry and is pleased to confirm that the company is on track with expectations for the year."
On AIM Spectra shares gained 1.38p or 5.58% to change hands at 26p each.
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