New Golden Ears Bridge expands Sirit's western North America tolling stronghold
TORONTO, Feb. 18 /CNW/ - Sirit Inc. ("Sirit") (TSX: SI), a global provider of radio frequency identification ("RFID") technology, today announced that it has received the order for RFID Title 21 ("T-21") toll equipment to be installed on the Golden Ears Bridge near Vancouver, British Columbia, Canada.
Beginning in Q1 2009, Sirit will provide toll readers and transponders along with installation services for the Golden Ears Bridge Project which will link Maple Ridge and Pitt Meadows with Surrey and Langley, British Columbia. The contract was awarded to InTranS Group (a CS Group company), a member of the V-Flow consortium, the project system integrator, who partnered with Sirit to provide the RFID toll technology. The initial contract is valued at approximately US$300,000 and includes T-21 lane equipment, lane level installation for six (6) high speed open road tolling lanes and 5,000 T-21 transponders. The customer plans to deploy in excess of 20,000 transponders in the first 12 months of operation.
"We are very excited to be part of this important Canadian project which will improve travel times and reduce regional congestion in the lower mainland of British Columbia," said John Freund, Vice President Sales, Sirit Inc. "It also represents the first RFID T-21 toll installation in British Columbia and Canada. By selecting our T-21 based toll products and leveraging our knowledge and expertise, InTranS will ensure delivery of a high performance, open standard, toll solution for their customer for many years to come," added Mr. Freund.
"We are excited to have won this project and are pleased to have Sirit on our team," said Michael Conlon, InTranS Project Manager. "Sirit has a strong legacy in tolling systems and unique expertise in the design, development and installation of T-21 toll technology. We look forward to working with them on the Golden Ears Bridge Project," added Mr. Conlon.
The Golden Ears Bridge Project is approximately fourteen kilometers in length and includes a six-lane, one kilometer-long span across the Fraser River, new arterial roads connecting the bridge to the existing road network on both sides of the Fraser River, and municipal road upgrades to improve traffic flow. Construction began in summer 2006, with a scheduled opening date of summer 2009.
The Golden Ears Bridge crossing will open up access to employment, markets, services, facilities and recreational opportunities and connect communities by providing new travel choices for transit users, cyclists and pedestrians.
About InTranS Group
InTranS Group is a leading ITS and Tolling Systems Integrator headquartered in Long Island, New York with offices throughout the US, Caribbean and North America. InTranS is a member of the CS global organization. With more than 3,000 employees in over 20 countries worldwide, CS is a major player in the design, integration and operation of high-performance mission-critical systems. CS - InTranS a culture of commitment. For more information, visit www.intransgroup.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 15 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 can be customized to address new and traditional RFID market applications including Supply Chain & Logistics, Cashless Payment (including Electronic Tolling), Access Control, Automatic Vehicle Identification, Near Field Communications, Inventory Control & Management, Asset Tracking and Product Authentication. For more information, visit www.sirit.com.
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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 and Canadian provincial securities legislation. These forward-looking statements relate to, among other things, Sirit's objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and can generally be identified by the use of words such as "may", "will", "could", "should", "would", "suspect", "outlook", "expect", "intend", "estimate", "anticipate", "believe", "plan", "forecast", "objective" and "continue" (or the negative thereof) and words and expressions of similar import, and may include statements concerning possible or assumed future results, financial outlook and/or future-oriented financial information. Although Sirit believes that the expectations reflected in such forward-looking statements are reasonable, 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. Important factors that could cause actual results to differ materially from expectations include but are not limited to: Sirit's ability to achieve commercialization and/or commercial acceptance of its RFID technology; the evolution of, and adoption rate in, the RFID market; changes in Sirit's strategic relationships; Sirit's dependence on resellers, distributors and significant customers; the utility of research and development expenditures undertaken by Sirit; product defects; increased levels of competition; changes in laws and regulations; foreign exchange fluctuations; and Sirit's overall liquidity and capital resources. These and other important risks are discussed in further detail in the section entitled "Risks Factors" in Sirit's Annual Information Form dated March 14, 2008 and in Sirit's management's discussion and analysis found in its 2007 annual report 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 news release as a result of new information, further events or otherwise. This cautionary statement expressly qualifies the forward-looking information in this news release.
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