Business
Sirit Signs Definitive Agreement to be Acquired by Federal Signal
Sirit Signs Definitive Agreement to be Acquired by Federal Signal
About this update from Torq Resources Inc.
[{"type":"text","content":"\n\n\n\nJan. 14, 2010 (Canada NewsWire Group) -- TORONTO, ON, Canada and OAK BROOK, IL, USA, Jan. 14 /CNW/ -- Sirit Inc. (\"Sirit\") (TSX: SI), a leading provider of radio frequency identification (\"RFID\") technology and Federal Signal Corporation (\"Federal Signal\") (NYSE: FSS), a leader in environmental, safety and transportation solutions, today announced that they have signed a definitive agreement whereby Federal Signal will acquire all of the issued and outstanding common shares of Sirit (the \"Common Shares\") for cash consideration of CDN$0.30 per share by way of a court approved plan of arrangement under the Business Corporations Act (Ontario) (the \"Arrangement\"). The transaction has a total equity value of approximately CDN$49.5 million (US$48.0 million).The CDN$0.30 per share cash purchase price represents a premium of 37% over Sirit's 30-day average closing stock price and a premium of 60% over Sirit's 60-day average closing stock price.Sirit is a leading designer, developer and manufacturer of RFID technology for applications such as Tolling, Electronic Vehicle Registration, Parking and Access Control, Asset Management, Cashless Payments and Supply Chain Systems. The combination of Sirit's RFID technology with Federal Signal's detection and classification technology (acquired in the December 2009 purchase of Diamond Consulting Services) and existing PIPS automated license plate recognition technology, immediately transforms Federal Signal into a leader in Intelligent Transport Systems.\"We are excited about this transaction with Sirit, as it further strengthens Federal Signal's best-in-class product portfolio and advances our stated strategy of driving growth through our Public Safety Systems platform,\" said William Osborne, Federal Signal's President and Chief Executive Officer. \"Sirit, Diamond Consulting Services and PIPS have a proven record of success in jointly delivering superior technology-based client solutions. We are committed to investment in research and development to maintain Sirit's reputation for technical excellence and with the addition of Sirit's talented employees, we look forward to further differentiating Federal Signal's Public Safety Systems offering.\"\"Global market trends for Intelligent Transport Systems are robust and we believe the addition of Sirit will enhance long-term earning...