TORONTO, May 10 /CNW/ - Sirit Inc. (TSX: SI), a leading provider of radio frequency identification (RFID) technology, announced today that it has been awarded, through a competitive bid process, an order valued up to US$4.8 million from the Bay Area Toll Authority ("BATA") in California.
Commencing in July 2007, the contract calls for Sirit to continue to deliver its Title 21-based toll transponders. The year-long contract extends Sirit's supplier relationship with BATA which originally began in 2004. Additionally, terms of the contract grant BATA the option to add on transponder orders to a maximum of US$1.6 million once the initial contract has been satisfied.
"Sirit continues to be a strong partner in helping us meet our goals of growing the customer base of toll users in the Bay Area," commented Linda Lee, FasTrak(R) Project Manager for BATA. "We look forward to working with the Sirit team throughout the coming year and thank them for their outstanding support over the past three years."
"BATA continues to drive new user demand with innovative programs and distribution strategies aimed at growing their customer base," commented John Freund, Vice President, AVI Solutions, Sirit Inc. "We are thrilled to be the successful supplier and to be able to continue to provide our toll transponder technology to BATA for yet another year."
About Sirit Inc.
Sirit Inc. (TSX: SI) is a leading provider of Radio Frequency Identification (RFID) solutions 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 13 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 contactless market applications including Near Field Communication, Supply Chain & Logistics, Cashless Payment (including Electronic Tolling), Access Control, Automatic Vehicle Identification, Inventory Control & Management, Asset Tracking and Product Authentication.
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. Sirit does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, further events or otherwise.
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