Federal Transportation Bill Paves Way for Dual Hybrid/HOV Lanes TORONTO, Nov. 3 /CNW/ - Sirit Inc. (TSX: SI), a leading provider of radio frequency identification (RFID) technology, today announced the successful completion of its first Hybrid/HOV conversion project in the San Francisco Bay Area. Based on a new federal transportation law that makes up to 75,000 low- emission hybrids with EPA mileage ratings of at least 45 miles per gallon eligible to use HOV lanes, California has implemented Assembly Bill 2628 which allows certain hybrid car owners access to the HOV lanes regardless of the number of occupants. To travel in HOV lanes with fewer occupants than required by normal carpool lane rules, Bay Area hybrid owners must sign up for FasTrak(TM) electronic toll collection transponders before they will be issued a special HOV lane access sticker. Single-occupant hybrids are still required to pay tolls when crossing any of the Bay Area's eight toll bridges, however, they will now be able to use the FasTrak lanes and avoid toll booth back-ups. As the agency responsible for implementation within the San Francisco Bay Area, the Metropolitan Transportation Commission (MTC) implemented a solution for hybrid vehicle tolling on four of the bay area bridges: Dumbarton, San Mateo, Carquinez and the San Francisco Oakland Bay Bridge. The scope of the project was to support MTC with a turn-key tolling solution and minimize the implementation time to be operational within the mandated 90 day time limit. Sirit successfully met the aggressive project schedule by utilizing its proven state-of-the-art non-stop, open road tolling and HOT system solutions. Sirit participated in the project under the lead engineering team, PB Farradyne, with responsibility for lane level design and implementation including Project Management, System Architecture & Design, Software Development/Modifications & Internal Testing and System (hardware and software) Installation, Integration & Acceptance Testing. The Hybrid/HOV lanes officially opened October 10, 2005. "Sirit continues to be successful in new application areas for RFID technology in our core markets," said Norbert Dawalibi, President and CEO, Sirit Inc. "As more agencies investigate the benefits of converting existing HOV lanes, whether it is to dual Hybrid/HOV or to High Occupancy Tolling such as the SR-91 project, Sirit anticipates participating in a number of future projects based on the success of this flagship case." "We are excited to have been directly involved in the first Hybrid/HOV project in the country. Our Integration Team once again delivered the project requirements on time and on budget - a testament to Sirit's ability to meet the needs of our customers and partners," commented John Freund, Vice President, Automatic Vehicle Identification, Sirit Inc. About Metropolitan Transportation Commission Metropolitan Transportation Commission (MTC) is the transportation planning, financing and coordinating agency for the nine-county San Francisco Bay Area. About PB Farradyne A leader in the development and implementation of Intelligent Transportation Systems, PB Farradyne is part of the Parsons Brinckerhoff group of companies. Founded in 1885, Parsons Brinckerhoff provides multidisciplinary services for transportation, power, buildings and environmental projects. PB employs 9,000 professionals and support staff in more than 150 offices worldwide. (www.pbfarradyne.com) About Sirit Inc. Sirit Inc. (TSX: SI) is a leading provider of Radio Frequency Identification (RFID) reader technology to OEMs and solution providers 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 12 years of RF domain expertise addressing multiple frequencies (LF/HF/UHF), multiple protocols and are compliant with global standards. Sirit's broad portfolio of products and capabilities are easily customized to address new and traditional RFID market applications including Supply Chain & Logistics, Cashless Payment, Access Control, Automatic Vehicle Identification, Inventory Control & Management, Asset Tracking and Product Authentication. For more information, visit www.sirit.com. 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.