Business
Sirit Reports Third Quarter 2008 Financial Results
TORONTO, Nov. 11 /CNW/ - Sirit Inc. ("Sirit") (TSX: SI), a leading provider of radio frequency id...
About this update from Torq Resources Inc.
[{"type":"text","content":"\n\n\n\nTORONTO, Nov. 11 /CNW/ - Sirit Inc. ("Sirit") (TSX: SI), a leading\nprovider of radio frequency identification ("RFID") technology, reports its\nfinancial results for the third quarter ended September 30, 2008. All amounts\nare stated in Canadian Dollars unless otherwise noted.\n\n\nQ3 2008 Corporate Highlights\n\nThe following highlights the Company's key activities during the quarter:\n\n- Sirit announced the signing of a strategic supply agreement with 3M's\n Brazilian subsidiary for Sirit's RFID reader and tag technology, based\n upon open architecture protocols, to support transportation-related\n projects in the Brazilian market. This agreement builds upon the\n Global Cooperative Marketing Agreement that was signed on March 25,\n 2008 between 3M's Traffic Safety Systems Division and Sirit.\n\n- Sirit and Reva Systems, a leading RFID network infrastructure\n provider, announced that Manor AG, the largest retail business in the\n Swiss market, is deploying Sirit's INfinity 510 RFID readers to enable\n RFID operations and Reva's Tag Acquisition Processor(TM) products at\n stores and distribution centers. Manor will initially leverage RFID to\n improve warehouse inventory processes, outbound shipping accuracy and\n inbound store receiving practices in Hochdorf and Mohlin, Switzerland\n and the department stores around the country serviced by the centers.\n\n- In late September 2008, the Company announced and completed a private\n placement issuing 5,360,670 common shares of Sirit at a price of $0.15\n for total gross proceeds of $0.8 million to insiders of the Company.\n\n- Sirit confirmed that its INfinity 510 reader has been chosen by five\n of six system integrators selected as part of the contract awarded for\n the implementation of passive RFID solutions under a Blanket\n Purchasing Agreement by the US Government. The scope of the contract\n is designed to enhance systems utilizing RFID within the Department of\n Defense, United States Coast Guard, North Atlantic Treaty Organization\n and other foreign military sales. The entire contract spans an initial\n three year period with a three year renewal option, to provide\n indefinite delivery, indefinite quantity of passive RFID equipment and\n services. Initial projections included in the RFP indicated a\n potential requirement for up to 6,000 f...