Business
Sirit Completes RSI ID Technologies Acquisition
TORONTO, April 1 /CNW/ - Sirit Inc. ("Sirit") (TSX: SI), a leading provider of radio frequency id...
About this update from Torq Resources Inc.
[{"type":"text","content":"\n\n\n\nTORONTO, April 1 /CNW/ - Sirit Inc. ("Sirit") (TSX: SI), a leading\nprovider of radio frequency identification ("RFID") technology, is pleased to\nconfirm that it has completed its acquisition of RSI ID Technologies, Inc.\n("RSI"). RSI is an industry leading, vertically integrated manufacturer of\nantennas, inlays and tags for specialized, passive RFID applications.\n\n\nIn accordance with the terms of the agreement announced on March 4, 2008,\nthe deal has been structured as an all stock transaction with an initial\npayment of 10 million Sirit Common Shares plus additional shares to be issued\nover a 21 month period based on achieving certain financial targets. The\ntransaction has received all requisite regulatory approvals including that of\nthe Toronto Stock Exchange.\n\n\n"We are very excited to have executed this acquisition as planned and to\nhave the RSI team officially join Sirit. We will now focus our combined\nstrength on providing our complete end-to-end solution to new and current\ncustomers, such as our recently announced partnership with 3M, as well as\ntargeting key markets worldwide, including electronic vehicle identification,"\nnoted Norbert Dawalibi, President and CEO, Sirit Inc.\n\n\nMr. Wolf Bielas will remain as CEO of RSI located in Chula Vista,\nCalifornia.\n\n\nAbout Sirit Inc.\n\n\nSirit Inc. (TSX: SI) is a leading provider of Radio Frequency\nIdentification (RFID) technology worldwide. Harnessing the power of Sirit's\nenabling-RFID technology, customers are able to more rapidly bring high\nquality RFID solutions to the market with reduced initial engineering costs.\nSirit's products are built on more than 14 years of RF domain expertise\naddressing multiple frequencies (LF/HF/UHF), multiple protocols and are\ncompliant with global standards. Sirit's broad portfolio of products and\ncapabilities can be customized to address new and traditional RFID market\napplications including Supply Chain & Logistics, Cashless Payment (including\nElectronic Tolling), Access Control, Automatic Vehicle Identification, Near\nField Communications, Inventory Control & Management, Asset Tracking and\nProduct Authentication. For more information, visit www.sirit.com.\n\n\nAbout RSI ID Technologies, Inc.\n\n\nRSI ID Technologies, Inc. is a leading, vertically integrate...