Business
Sirit Nets US$1.7 Million from Sale of Second Legacy Investment
Sirit Nets US$1.7 Million from Sale of Second Legacy Investment.
About this update from Torq Resources Inc.
[{"type":"text","content":"\n\n\n\nTORONTO, Jan. 10 /CNW/ - Sirit Inc. (\"Sirit\") (TSX: SI), a leading\nprovider of radio frequency identification (\"RFID\") technology, announced\ntoday that it has received US$1.7 million in cash from the sale of the second\nof its non-core investments, Applied Data Systems, Inc. (\"ADS\"). The sale\nvalue represents more than three times the original US$0.5 million investment.\n\n\n\"The sale of ADS represents the disposition of two of the three legacy\ninvestments Sirit held on its books within the past six months. The cash will\nbe invested in operations as the Company focuses on sales growth and new\nmarket penetration of our RFID technology solutions,\" said Norbert Dawalibi,\nPresident and CEO, Sirit Inc.\n\n\n\"The disposition of both Medsite in September 2006 and now ADS has added\nsignificant liquidity and value to Sirit. The Company has one small remaining\ninvestment which it hopes to eventually monetize,\" added Anastasia\nChodarcewicz, Chief Financial Officer, Sirit Inc.\n\n\nADS has been purchased by Eurotech S.p.a. Information about Eurotech\nS.p.a. can be found at www.eurotech.com.\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 13 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 Tolling), Access Control, Automatic Vehicle Identification,\nInventory Control & Management, Asset Tracking and Product Authentication. For\nmore 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 Re...