Business
Sirit Inc. to Acquire TradeWind Technologies LLC
Sirit Inc. to Acquire TradeWind Technologies LLC.
About this update from Torq Resources Inc.
[{"type":"text","content":"\n\n\n\n\nDeal expands RFID product portfolio and augments engineering capabilities\n\nTORONTO, Feb. 27 /CNW/ - Sirit Inc. (TSX: SI), a leading provider of\nradio frequency identification (RFID) technology, has signed a definitive\nagreement to acquire Tennessee-based TradeWind Technologies LLC. TradeWind\ndevelops and manufactures RFID readers and technology with an emphasis on high\nfrequency (13.56 MHz) operation, modular architectures, as well as cost-\neffective and compact form factors.\nThe acquisition of TradeWind will bring to Sirit a product line of\nflexible \"plug and play\" RFID readers ideally suited to a number of closed\nloop applications including contactless/cashless payments, asset management,\nretail and high value product authentication, and inventory management. In\naddition, Sirit further strengthens its technological capabilities through the\naddition of a highly skilled engineering team and broad based intellectual\nproperty portfolio.\nThe purchase price payable by Sirit will be a combination of cash and\nSirit common shares estimated at just under C$2,000,000. The transaction is\nsubject to receipt by Sirit of all requisite regulatory approvals including\nthe approval of the Toronto Stock Exchange and Fis expected to close within\n60 days.\n\"As we increase our focus on closed loop opportunities, TradeWind's\nproducts and technology will complement our existing line of embedded RFID\nmodules,\" commented Norbert Dawalibi, President and CEO, Sirit Inc. \"The\nacquisition of TradeWind will offer quick to market solutions which protect\nend user investments in everyday business devices like smartphones, PDAs and\nPCs and create innovative new use cases with compelling ROI and benefits.\"\n\"We are very pleased with the addition of the TradeWind team to Sirit,'\ncontinued Dawalibi. \"We have been very impressed with the level of engineering\nexpertise of the TradeWind team and look forward to leveraging their skills\nand intellectual property across the combined product portfolio.\"\n\"Our team is extremely excited about this transaction and looks forward\nto making a positive contribution to the success of Sirit. We feel that the\ncultures of the organizations are well aligned facilitating a rapid and smooth\nintegration of our businesses,\" said Douglas Yeager, President of TradeWind.\n\"Together, with o...