Vancouver’s Nanotech Security Corp., a developer of nano-optic security features used in the government, banknote and brand protection markets, has been awarded the remaining fiscal 2021 purchase orders in an ongoing development contract with a confidential central bank.
Nanotech, a developer of nano-optic security features used in the government, banknote and brand protection markets, has been working with a confidential customer that recently issued new purchase orders totalling $690,000. The orders continue the advancement of what the company calls an “innovative” security feature while extending a development contract under which Nanotech has been working – for the past five years – to design a first-of-its-kind security feature for a future banknote.
“We are thrilled with the continued confidence this important customer has shown in our technology,” Nanotech President and CEO Troy Bullock said in a June 28 company statement. “With our 2021 awards finalized, we are now working with this central bank to accelerate the project, including finalizing our next multi-year contract and purchase orders for next year.”
With the latest purchase orders, Nanotech expects contract services revenue from this central bank to exceed $7.8 million for fiscal 2021 (up from $7.5 million in April), representing a 27 per cent increase over 2020 (all subject to foreign-exchange fluctuations, according to the company).
The company disclosed no further details about the project’s status, timing or financial terms.
Nanotech’s security features KolourOptik, KolourDepth, M2 and LumaChrome are used in the banknote industry.
Some of Nanotech’s security features are listed among nearly 40 other firms’ proprietary devices in the 69-page book, Security Features of Modern Banknotes.
Earlier this year, long-time banknote industry executive Richard Rowe was appointed as a Nanotech director. With more than three decades as an executive – including a dozen years in the government and banknote industries – Rowe previously served as the president of U.S. government products at Crane Currency, where he was responsible for the strategy, direction and execution of currency and passport products for that country.