Nanotech wins $690K purchase order for development contract with central bank

Vancouver’s Nanotech Security Corp. has been awarded purchase orders to continue its development contract with a confidential central bank.

Over the past five years, Nanotech – a producer of nano-optic security features used in the government, banknote and brand protection markets – has been working under a paid development contract to design a unique security feature for a future banknote based on the company’s technology. Most recently, Nanotech’s confidential bank client issued a new purchase order valued at $690,000 to continue developing the security feature.

“The customer’s confidence in our technology and their decision to increase investments this year is validation of the project’s success,” said Troy Bullock, Nanotech president and CEO. “The project continues to progress well overall and we are working closely with our customer to deliver a feature that meets their unique requirements.”

Some of Nanotech’s security features, including KolourOptik, KolourDepth, M2 and LumaChrome, are used in the banknote industry.

NEARLY $7.5M IN PURCHASE ORDERS

Earlier this year, Nanotech reported receiving purchase orders totalling $6.7 million for fiscal 2021.

With the latest purchase order from the central bank, Nanotech has now secured contract services revenue of $7.4 million for fiscal 2021 (21 per cent higher than 2020, according to the company).

According to a statement issued by Nanotech today, the company has “an opportunity for an additional $720,000 later this summer.”

“Due to the confidential nature of the project, no further details of the project status, timing, or financial terms can be disclosed at this time.”

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