TORONTO, April 5 /CNW/ - Sirit Inc. (TSX: SI), a leading provider of radio frequency identification (RFID) technology, is pleased to announce the completion of its acquisition of Tennessee-based TradeWind Technologies LLC, a developer and manufacturer of RFID readers and technology with an emphasis on high frequency (13.56 MHz) operation. In accordance with the terms of the agreement as announced on February 27, 2006, Sirit acquired TradeWind for aggregate consideration of approximately CDN$1.7 million including US$0.6 million cash and 3,000,000 common shares. "Sirit and TradeWind are a great strategic fit, and this acquisition is an important element of our growth strategy to expand our presence in the RFID market and to add focus to closed loop market opportunities," commented Norbert Dawalibi, President and CEO, Sirit Inc. "We look forward to fully integrating TradeWind's RFID technology and experienced engineering team into our operations." Through the acquisition, Sirit launched its line of flexible "plug and play" RFID readers ideally suited to a number of closed loop applications including contactless/cashless payments, asset management, retail and high value product authentication, and inventory management. Sirit also strengthens its technological capabilities through the addition of a highly skilled engineering team and a broad based intellectual property portfolio. Sirit's line of Plug-n-Play RFID products are available for purchase with software development tools and applications. For order information, contact Sirit's Plug-n-Play Sales team via e-mail: pnp(at)sirit.com, telephone at 1.877.PNP.RFID/1.877.767.7343 or (972) 243.7208 or visit www.pnprfid.com. 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.