Business
Sirit Inc. to Acquire Assets of SAMSys Technologies Inc. Through Receivership Process
Sirit Inc. to Acquire Assets of SAMSys Technologies Inc. Through Receivership Process.
About this update from Torq Resources Inc.
[{"type":"text","content":"\n\n\n\n\nTORONTO, April 6 /CNW/ - Sirit Inc. (\"Sirit\") (TSX: SI) a leading\nprovider of radio frequency identification (RFID) technology, announced today\nit has entered into an agreement with SAMSys Technologies Inc. (\"SAMSys\") and\nthe holder of its outstanding secured debentures to acquire through a court\nappointed receivership process, all of the assets and undertaking of SAMSys.\nThe agreement is subject to a number of conditions, including approval of\nthe transaction by the Ontario Superior Court of Justice and that the\ntransaction be completed by April 13, 2006. The financial terms of the\ntransaction were not disclosed.\nSirit expects to integrate SAMSys' technology and product offerings with\nSirit's family of RFID readers, to provide customers and OEM partners with a\nbroad range of RFID solutions and form factors.\n\"We are excited about the opportunity to grow our market share and\nstrengthen Sirit's presence in the global RFID market,\" said Norbert Dawalibi,\nPresident and CEO of Sirit Inc. \"Execution of the agreement brings with it the\nopportunity to broaden our customer base, expand our RFID product offerings,\nand increase our geographical reach, all of which strengthens Sirit's ability\nto meet new market opportunities around the world.\"\nDawalibi continued, \"For more than 12 years, Sirit has been dedicated to\nproviding world-class RFID technology and superior customer support to leading\nOEMs, strategic partners and end customers. Sirit is committed to delivering\nthe same exceptional service levels to current SAMSys customers to ensure\nthere is no disruption to their operations as we move forward.\"\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 (including\nElectronic Tolli...