Business
Sirit Shareholders Approve Acquisition by Federal Signal
Sirit Shareholders Approve Acquisition by Federal Signal
About this update from Torq Resources Inc.
[{"type":"text","content":"\n\n\n\nFeb. 26, 2010 (Canada NewsWire Group) -- TORONTO, Feb. 26 /CNW/ -- Sirit Inc. (\"Sirit\") (TSX: SI), a leading provider of radio frequency identification (\"RFID\") technology, today announced that, at the Company's meeting of shareholders held earlier today, Sirit shareholders approved the adoption of its amended definitive arrangement agreement with Federal Signal Corporation (\"Federal Signal\") (NYSE: FSS).As previously announced, on February 24, 2010, Sirit signed a second amendment to its definitive arrangement agreement with Federal Signal, whereby Federal Signal would acquire all of the issued and outstanding common shares of Sirit (the \"Common Shares\") for cash consideration of $0.46 per share by way of a court approved plan of arrangement under the Business Corporations Act (Ontario) (the \"Arrangement\"), an increase of $0.16 per share or 53% over the original cash consideration announced on January 14, 2010.\"We are pleased with the shareholder support demonstrated by today's vote,\" said Norbert Dawalibi, President and Chief Executive Officer of Sirit. \"We believe that our agreement with Federal Signal is in the best interests of our shareholders, our employees and the future of our businesses. The combination with Federal Signal delivers swift and certain value for Sirit shareholders and opens up new opportunities for our business and employees as part of a larger organization with greater financial resources.\"\"On behalf of Sirit's Board of Directors and management team, I want to thank our hard-working employees for their support throughout this process. We look forward to completing this transaction as quickly as possible and we anticipate a smooth transition,\" concluded Mr. Dawalibi.The Company expects the transaction to close on or about March 5, 2010, subject to the satisfaction of certain closing conditions, including, obtaining final court approval.About Sirit Inc.Sirit Inc. (TSX: SI) is a leading provider of Radio Frequency Identification (RFID) technology worldwide. Harnessing the power of Sirit's enabling-RFID technology, customers are able to more rapidly bring high quality RFID solutions to the market with reduced initial engineering costs. Sirit's products are built on more than 16 years of RF domain expertise addressing multiple frequencies (LF/HF/UHF), multiple protocols and are complia...