Friday, February 11, 2011
The Bank of Canada announced that it is closing its Optical Security Material (OSM) division and selling all of its related assets.
The Bank's OSM division manufactures optical security material used in the production of bank notes and other security documents. Following a strategic review, the Bank decided to sell its OSM assets and initiated a competitive tender process.
Fortress Optical Features Ltd., a subsidiary of the Canadian-based Fortress Paper Ltd., was the successful bidder, and yesterday signed a purchase agreement for the acquisition of the OSM assets. The transaction is expected to conclude in January 2011. The Bank retains a royalty-free licence to use the intellectual property sold to Fortress for Canadian bank note applications. Fortress has extended offers of employment to affected Bank of Canada staff.
Wednesday, February 23, 2011
Canada could soon have some of the highest-tech, most secure coins in the world.
A change being proposed to Canada's $1 and $2 coins would alter their composition and include several high-tech security features, such as a lasermark, a virtual image, an electromagnetic signal and edge lettering, making the already secure coins even more difficult to counterfeit.
I would venture to say that our coins would be leaders in the field in terms of high technology and security features
- Alex Reeves, spokesperson for the Royal Canadian Mint
The government estimates introducing the new coins, which will be composed of multi-ply plated steel alloy rather than a nickel alloy, will save it $16 million on the 30 million coins it produces annually. However, the government says it will cost the vending machine industry $40 million to recalibrate its estimated 200,000 machines across the country to read the new, slightly lighter, coins.
The move could also affect small retailers who use weight-based coin sorting equipment as well as the parking, transit, casino gaming, retail and pay-telephone industries.
Reeves expects the new coins will also boost one of the mint's other sources of revenue: making coins for other countries.
Source : Ottawa Citizen
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