TORONTO, July 20 /CNW/ - Sirit Inc. ("Sirit") (TSX: SI), a leading
provider of radio frequency identification ("RFID") technology, announced
today that it will receive cash of US$1.9 million upon completion of the sale
of one of its minority interest investments, Medsite, Inc. The transaction is
expected to close within the next 30 days with 10% of the proceeds to be held
in escrow for a period of up to one year.
"Medsite, Inc. represented a legacy investment for Sirit and was not part
of our focus on RFID technology solutions," said Norbert Dawalibi, President
and CEO, Sirit Inc. "We believe strongly in the strategy Sirit is pursuing and
in the ability of Sirit's management to successfully implement its plans."
"This transaction will enhance shareholder value by converting this
legacy investment into cash supporting the execution of Sirit's strategic plan
to concentrate on its RFID business," added Anastasia Chodarcewicz, Chief
Financial Officer, Sirit Inc.
More information about Medsite, Inc. can be found at www.medsite.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 (including
Electronic Tolling), 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.
