TORONTO, Sept. 1 /CNW/ - Sirit Inc. (TSX: SI), a leading provider of radio frequency identification (RFID) technology, announced today that its Board of Directors has named David W. Andrews to the post of Chairman of the Board to replace William W. Staudt effective immediately. Mr. Andrews joined the Board in April 2005 and currently serves as a member of the Compensation Committee and as the Chairman of the Audit Committee. Mr. Andrews has 27 years of management and executive experience in the technology sector with Fortune 500 companies including Compaq, Tandem and Unisys, as well as a number of Canadian technology companies. Mr. Andrews is currently the Chairman of the Board of Coss Systems Inc., a global provider of software solutions for the manufacturing marketplace. From 2000 through mid-2003, Mr. Andrews was Executive Vice President and Chief Financial Officer of OnX Enterprise Solutions Inc. and from 1998 through 2000; Mr. Andrews was the Vice President, Finance and Administration and Chief Financial Officer of Insystems Technologies Inc. Mr. Andrews is a Chartered Accountant with the Institute of Chartered Accountants of Ontario. In commenting on Mr. Staudt's departure David Andrews, Chairman of the Board, Sirit Inc. said, "I would like to thank Bill for the important role he played in positioning Sirit as a recognized leader in the RFID industry." "Since joining the Board earlier this year, I have been impressed with the level of commitment of the Management Team and Board of Directors to objectively review Sirit's business opportunities and strategy," continued Mr. Andrews. "As a result, key areas are being identified and addressed, first with the appointment of a seasoned President and CEO, followed by the addition of sales and marketing expertise to the RF Solutions Team. I am very excited about the opportunities in the RFID marketplace as we continue to focus on areas that build long-term value for our shareholders." "David's appointment to Chairman demonstrates our commitment to enhancing our Board and strengthening our overall corporate structure," said Norbert Dawalibi, President and CEO, Sirit Inc. "David has made a significant positive impact on the Board and we are pleased to appoint him Chairman and have him serve in this vital capacity. David is an outstanding leader who is exceptionally qualified to guide Sirit into its next phase of development. David has a deep understanding of the nature of emerging technologies and markets and his experience will prove invaluable during these formative years." "As a representative of the Company's largest shareholder and member of the Board, I am very pleased with the appointment of an independent Chairman that will focus on accountability across the organization," commented Rick Segal, Director of Sirit Inc. and partner of J.L. Albright Venture Partners. "David and Norbert have the full respect and confidence of all the directors to deliver results and help position the Company in the emerging world of RFID." About Sirit Inc. Founded in 1993, Sirit Inc. (TSX: SI) is a leading provider of Radio Frequency Identification (RFID) solutions to customers worldwide. The Company designs, manufactures, integrates and sells RFID solutions with an emphasis in several vertical markets including Supply Chain Management, Product Authentication, Asset Tracking, Security and Access Control and Automatic Vehicle Identification. Building upon years of success deploying traditional RFID products, Sirit continues to capitalize on the growing demand for next generation RFID solutions. For more information on Sirit visit www.sirit.com or call 1-800-498-8760. Cautionary Note Regarding Forward Looking Statements Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995: Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Sirit to be materially different from any future results, performance or achievements expressed or implied by such forward- looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of risks and uncertainties impacting Sirit's business which are discussed in the section entitled "Description of the Business - Risks Factors" in Sirit's Initial Annual Information Form dated March 22, 2005 as filed with the securities regulatory authorities in Canada via SEDAR. Although Sirit has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended.