Spectra Systems Corporation Appointment of Chief Financial Officer (7780U)

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RNS Number : 7780U

Spectra Systems Corporation

23 January 2017

Spectra Systems Corporation

("The Company" or "Spectra Systems")

Appointment of Chief Financial Officer

Spectra Systems, a leading supplier of authentication technology for banknotes, brand authentication and tax stamps, is delighted to announce that, subject to the satisfactory conclusion of due diligence, it has agreed to appoint Brian E McLain C.P.A. (aged 41) as its new Chief Financial Officer.

Brian McLain started his career in 1997 at Arthur Andersen prior to working as a senior accountant at Excelergy Corporation, a software business, located in Lexington, MA from 2000 until 2003. Until late 2006, he then progressed through various roles at International Power, a UK owned power producer located in Marlborough MA, prior to joining SeraCare Life Sciences, Inc, a manufacturer of biological products for the diagnostics and drug discovery markets located in Milford MA. At SeraCare, which was quoted on NASDAQ prior to being bought out in 2012, he progressed from the role of Corporate Controller to Vice President, Finance & Business Solutions. In 2014, he then joined OMNIlife Science Inc., a manufacturer and distributor of orthopaedic devices located in Raynham, MA, in the role of Corporate Controller.

A further announcement will be made upon the conclusion of due diligence by certain of Spectra's customers and the completion of standard regulatory AIM background checks. This due diligence is expected to be completed by no later than February 2017. In the meantime, Doug Anderson, the previous Chief Financial Officer is continuing to assist Spectra as necessary.

Brian McLain joined SeraCare Life Sciences Inc. ("SeraCare") in January 2007, at which point it was already in a bankruptcy process. All creditors were subsequently settled and SeraCare exited the bankruptcy process. There are no other matters which are required to be announced pursuant to paragraph (g) of Schedule 2 to the AIM Rules.

This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.

Dr. Nabil Lawandy, CEO of Spectra Systems, stated: "I am delighted to welcome Brian to Spectra Systems and believe that his extensive financial experience in both private and public businesses as well as his experience in technology driven companies will be of immense value to us."

Enquiries:

Spectra Systems Corporation

   Dr. Nabil Lawandy, Chief Executive Officer                            Tel: [phone] 

WH Ireland Limited

   Chris Fielding (Head of Corporate Finance)                           Tel: [phone] 

This information is provided by RNS

The company news service from the London Stock Exchange

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January 23, 2017 02:00 ET (07:00 GMT)