HALIFAX, NS / ACCESSWIRE / February 16, 2023 / Meta Materials Inc. (the "Company" or "META®") (NASDAQ:MMAT)(FSE:MMAT), a developer of high-performance functional materials and nanocomposites, today announced that it has been awarded a new purchase order for its authentication, nano-optic security business, which provides anti-counterfeiting features for currencies and government documents and authentication for brands.
META has been executing an agreement with a maximum value of US$41.5 million over a period of up to five years with a confidential G10 central bank customer. The new purchase order represents an additional $855K to the $4.3MM base award previously received in September 2022, bringing the total orders received to approximately $14.4MM for continued work under the multi-year agreement. The customer may elect to increase the scope of the base award with additional purchase orders.
"META is developing a globally unique metamaterial nano-optic technology and anti-counterfeiting feature for our G10 central bank customer," said George Palikaras, President and CEO. "We are pleased with the progress of this prestigious and important contract to Meta Materials, the largest in the history of banknote security feature development. We are looking forward to continuing our successful working relationship with the Bank over the next years. We estimate the total addressable market segment for our authentication solutions in banknotes and brand protection was $1.32B in 2022, growing to $1.55B by 2026."
In 2023, META is planning the global commercial launch of its unique, metamaterial nano-optic technology, KolourOptik® that combines multi-directional movement, 3D stereo-depth, high resolution, and multiple colors. KolourOptik® delivers unique visual effects that create a next level of security and visual engagement while enhancing the theme of the overall banknote.
To learn more about KolourOptik please visit this link
About Meta Materials Inc.
META® delivers previously unachievable performance, across a range of applications, by inventing, designing, developing, and manufacturing sustainable, high-performance, functional materials, components and systems. Our extensive technology platform enables leading global brands to deliver breakthrough products to their customers in consumer electronics, 5G communications, health and wellness, aerospace, automotive, and clean energy. Our nano-optic metamaterial technology provides anti-counterfeiting security features for government documents and currencies and authentication for brands. Our achievements have been widely recognized, including being named a Lux Research Innovator of the Year in 2021. Learn more at www.metamaterial.com.
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Meta Materials Inc.
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Forward Looking Information
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SOURCE: Meta Materials Inc.
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