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This paper considers a particular implementation of an ultra-wideband communication system that uses spectral encoding as both the multiple-access scheme and the interference-suppression technique. The main advantage of this technique is that the transmitted signal spectrum can be conveniently shaped to suppress narrowband interference and to not cause noticeable interference to overlaid systems. An extensive analysis of a possible implementation of this system by using surface acoustic-wave models is presented, and general expressions for the system performance are obtained. Numerical results show that a significant improvement in the system performance is obtained when the proposed interference-suppression method is used.