Business
Sirit Inc. Completes Acquisition of SAMSys' Assets
Sirit Inc. Completes Acquisition of SAMSys' Assets.
About this update from Torq Resources Inc.
[{"type":"text","content":"\n\n\n\n\nTORONTO, April 13 /CNW/ - Sirit Inc. (\"Sirit\") (TSX: SI), a leading\nprovider of radio frequency identification (RFID) technology today confirms\nthe completion of its acquisition of the assets and undertaking of SAMSys\nTechnologies Inc. (\"SAMSys\") out of the court appointed receivership\nproceedings. Sirit paid $4.0 million, exclusive of deal costs, for the assets\nof SAMSys which included cash resources of $2.5 million.\nThe Company's immediate focus will be to quickly integrate the operations\nto ensure a seamless transition for all current SAMSys customers and to bring\nto market the new product platform that has been in development for over\ntwelve months.\n\"We believe this acquisition represents another important step in our\noverall strategy to strengthen Sirit's presence in the global RFID market\"\ncommented Norbert Dawalibi, President and CEO, Sirit Inc. \"We are eager to\ncommence the integration of the two companies to take advantage of operational\nefficiencies and most importantly to present new and existing customers with\nour expanded suite of RFID solutions.\"\n\nAbout Sirit Inc.\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 12 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 are easily customized to address new and traditional RFID market\napplications including Supply Chain & Logistics, Cashless Payment, Access\nControl, Automatic Vehicle Identification, Inventory Control & Management,\nAsset Tracking and Product Authentication. For more information, visit\nwww.sirit.com.\n\nCautionary Note Regarding Forward Looking Statements\nSafe Harbor Statement under the United States Private Securities\nLitigation Reform Act of 1995: Except for the statements of historical fact\ncontained herein, the information presented constitutes \"forward-looking\nstatements\" within the meaning of the Private Securities Litigation Reform Act\nof 1995. Such forward-looking statements involv...