TORONTO, June 7 /CNW/ - Sirit Inc. (TSX: SI), a leading provider of radio frequency identification (RFID) technology, announced today that it has been notified of the intent to award a contract worth approximately US$10.6 million over three years from the Transportation Corridor Agencies ("TCA") in Southern California. Upon Board approval, Sirit will enter into an agreement to supply its Title 21-based RFID transponders following the completion of the existing contract. Sirit anticipates the new contract to be approved on or about June 14, 2007 with shipments to begin in July 2007.
"Sirit is proud to be the successful bidder for this contract and to continue our strong partnership in supplying our RFID toll technology to TCA," commented John Freund, Vice President, AVI Solutions, Sirit Inc. "Sirit continues to be the only Company in North America to offer toll solutions based solely on an open standard which compels us as an organization to compete every day by providing best in class technology, pricing and service to our customers."
"Sirit continues to be an important partner to the success and growth of TCA's toll system in Southern California," stated David Armijo, Chief Toll Operations Officer, Transportation Corridor Agencies. "A key aspect to Sirit's successful bid was their track record in providing TCA with cost competitive products and superior customer service. We look forward to extending our 10 year relationship with this industry leader."
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.
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