Business
Sirit Inc. Completes Acquisition of TradeWind Technologies LLC
Sirit Inc. Completes Acquisition of TradeWind Technologies LLC.
About this update from Torq Resources Inc.
[{"type":"text","content":"\n\n\n\n\nTORONTO, April 5 /CNW/ - Sirit Inc. (TSX: SI), a leading provider of\nradio frequency identification (RFID) technology, is pleased to announce the\ncompletion of its acquisition of Tennessee-based TradeWind Technologies LLC, a\ndeveloper and manufacturer of RFID readers and technology with an emphasis on\nhigh frequency (13.56 MHz) operation. In accordance with the terms of the\nagreement as announced on February 27, 2006, Sirit acquired TradeWind for\naggregate consideration of approximately CDN$1.7 million including\nUS$0.6 million cash and 3,000,000 common shares.\n\"Sirit and TradeWind are a great strategic fit, and this acquisition is\nan important element of our growth strategy to expand our presence in the RFID\nmarket and to add focus to closed loop market opportunities,\" commented\nNorbert Dawalibi, President and CEO, Sirit Inc. \"We look forward to fully\nintegrating TradeWind's RFID technology and experienced engineering team into\nour operations.\"\nThrough the acquisition, Sirit launched its line of flexible \"plug and\nplay\" RFID readers ideally suited to a number of closed loop applications\nincluding contactless/cashless payments, asset management, retail and high\nvalue product authentication, and inventory management. Sirit also strengthens\nits technological capabilities through the addition of a highly skilled\nengineering team and a broad based intellectual property portfolio.\nSirit's line of Plug-n-Play RFID products are available for purchase with\nsoftware development tools and applications. For order information, contact\nSirit's Plug-n-Play Sales team via e-mail: pnp(at)sirit.com, telephone at\n1.877.PNP.RFID/1.877.767.7343 or (972) 243.7208 or visit www.pnprfid.com.\n\nAbout Sirit Inc.\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 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...