Business
Sirit Reports Second Quarter 2008 Financial Results
TORONTO, Aug. 5 /CNW/ - Sirit Inc. ("Sirit") (TSX: SI), a leading provider of radio frequency ide...
About this update from Torq Resources Inc.
[{"type":"text","content":"\n\n\n\nTORONTO, Aug. 5 /CNW/ - Sirit Inc. ("Sirit") (TSX: SI), a leading\nprovider of radio frequency identification ("RFID") technology, reports its\nfinancial results for the second quarter ended June 30, 2008. All amounts are\nstated in Canadian Dollars unless otherwise noted.\n\n\nQ2 2008 Corporate Highlights\n\nThe following highlights key activities during the quarter:\n\n- The Company announced it had completed the acquisition of RSI ID\n Technologies, Inc. ("RSI"), an industry leading, vertically\n integrated manufacturer of antennas, inlays and tags for specialized,\n passive RFID applications. The deal was structured as an all stock\n transaction with an initial payment of 10 million Sirit Common Shares\n plus potential additional shares to be issued over a 21 month period\n based on achieving certain financial targets. The deal, which closed\n as scheduled on April 1, 2008, allows the combined entity to offer\n integrated solutions across a number of passive tag applications, in\n particular to address the electronic vehicle registration\n opportunities worldwide.\n\n- Sirit launched its next generation INfinity 110 high frequency ("HF")\n reader module designed for embedded RFID applications. This new\n offering leverages Sirit's long history of supplying HF embedded\n reader solutions by supporting more tag protocols than competitive\n products in a compact footprint.\n\n- Sirit's INfinity 510 UHF RFID reader ("IN510") was announced as being\n part of an expanded rollout at METRO Group's Real brand hypermarket\n stores. 200 Real locations will be equipped with Checkpoint portals\n powered by Sirit readers at the loading doors to track incoming\n goods.\n\n- Sirit announced that the IN510 was selected for Finland's postal\n delivery service RFID implementation. Readers have been installed\n across the country as part of a system to monitor and quantify the\n speed and accuracy of real-time postal deliveries.\n\n\nQ2 2008 Financial Results\n\n\nTotal revenue for the three months ended June 30, 2008 reached\n$4.8 million (US$4.7 million) compared to $7.0 million (US$6.1 million) in the\nsecond quarter of 2007. For the first half of 2008, total revenue is\n$9.1 million compared to $13.5 million from the first half of 2007. The\ndecline in revenue continues to result pri...