TORONTO, April 13 /CNW/ - Sirit Inc. ("Sirit") (TSX: SI), a leading
provider of radio frequency identification (RFID) technology today confirms
the completion of its acquisition of the assets and undertaking of SAMSys
Technologies Inc. ("SAMSys") out of the court appointed receivership
proceedings. Sirit paid $4.0 million, exclusive of deal costs, for the assets
of SAMSys which included cash resources of $2.5 million.
The Company's immediate focus will be to quickly integrate the operations
to ensure a seamless transition for all current SAMSys customers and to bring
to market the new product platform that has been in development for over
twelve months.
"We believe this acquisition represents another important step in our
overall strategy to strengthen Sirit's presence in the global RFID market"
commented Norbert Dawalibi, President and CEO, Sirit Inc. "We are eager to
commence the integration of the two companies to take advantage of operational
efficiencies and most importantly to present new and existing customers with
our expanded suite of RFID solutions."
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 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 Annual
Information Form dated March 16, 2006 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.
