Business
Sirit to Receive US$1.9 million from Sale of Non-Core Investment
Sirit to Receive US$1.9 million from Sale of Non-Core Investment.
About this update from Torq Resources Inc.
[{"type":"text","content":"\n\n\n\n\nTORONTO, July 20 /CNW/ - Sirit Inc. (\"Sirit\") (TSX: SI), a leading\nprovider of radio frequency identification (\"RFID\") technology, announced\ntoday that it will receive cash of US$1.9 million upon completion of the sale\nof one of its minority interest investments, Medsite, Inc. The transaction is\nexpected to close within the next 30 days with 10% of the proceeds to be held\nin escrow for a period of up to one year.\n\"Medsite, Inc. represented a legacy investment for Sirit and was not part\nof our focus on RFID technology solutions,\" said Norbert Dawalibi, President\nand CEO, Sirit Inc. \"We believe strongly in the strategy Sirit is pursuing and\nin the ability of Sirit's management to successfully implement its plans.\"\n\"This transaction will enhance shareholder value by converting this\nlegacy investment into cash supporting the execution of Sirit's strategic plan\nto concentrate on its RFID business,\" added Anastasia Chodarcewicz, Chief\nFinancial Officer, Sirit Inc.\nMore information about Medsite, Inc. can be found at www.medsite.com.\n\nAbout Sirit Inc.\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 12 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\nCautionary Note Regarding Forward Looking Statements\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 Reform Act\nof 1995. Such forward-looking statements invo...