Business
Sirit Management to Invest in Company
TORONTO, Sept. 23 /CNW/ - Sirit Inc. ("Sirit") (TSX: SI), a leading provider of radio frequency i...
About this update from Torq Resources Inc.
[{"type":"text","content":"\n\n\n\nTORONTO, Sept. 23 /CNW/ - Sirit Inc. ("Sirit") (TSX: SI), a leading\nprovider of radio frequency identification ("RFID") technology, announces that\nits management will be investing in the Company.\n\n\nSirit management and Board of Directors will be completing a private\nplacement to increase their ownership interests in the Company. The total\nfunds invested will be $785,000.00 before associated fees. The shares will be\nissued at a price which represents the 5 day volume weighted average trading\nprice prior to board approval of the private placement. Dilution is expected\nto be less than 4%.\n\n\nThe private placement is subject to usual regulatory approvals and is\nexpected to be completed within the next few weeks. The proceeds will be used\nfor general working capital purposes. Sirit confirms that its outlook, as\ndescribed under the heading Second Half 2008 Perspective contained in its\nAugust 5, 2008 press release, remains unchanged.\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 15 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\nCautionary Note Regarding Forward-Looking Statements\n\n\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 and Canadian provincial securities legislation. These forward-looking\nstatements relate t...