Targeting global transportation markets including Electronic Vehicle
Registration (EVR) and Electronic Tolling
TORONTO, March 25 /CNW/ - Sirit Inc. ("Sirit") (TSX: SI), a leading
provider of radio frequency identification ("RFID") technology, announced it
has signed a cooperative marketing agreement ("CMA") with 3M's Traffic Safety
Systems Division. The CMA is a global distribution agreement to offer RFID
reader and tag technology based on open architecture protocols to support
comprehensive solutions developed for the transportation market.
3M, a St. Paul, Minnesota-based company, is a leading supplier of
materials and systems to departments of motor vehicles and ministries of
transportation around the world. The partnership immediately facilitates
Sirit's efforts to penetrate the transportation marketplace and makes the
IDentity 5100 reader and transponder solution easily accessible to
transportation agencies who look to 3M for trusted traffic technology
"We are extremely excited to partner with 3M to meet the needs of
transportation agencies around the world and particularly to address the
rapidly emerging EVR marketplace," said John Freund, Vice President AVI
Solutions, Sirit Inc. "As a trusted and premier global traffic solutions
provider, 3M offers customers the opportunity to purchase products which have
been rigorously tested and approved to the highest quality standards."
Freund adds that, "this partnership exposes Sirit and our IDentity brand
to 3M's elite global audience. Customers who have enjoyed a long-standing and
supportive relationship with 3M can now rely on them for an expanded suite of
transportation solutions including electronic tolling, vehicle emissions
testing and proof of insurance compliance as well as EVR."
The companies anticipate jointly targeting transportation markets in the
Americas, Asia Pacific and Europe where the addressable registered vehicle
opportunities are in excess of half a billion.
According to Terry Griffith, 3M's International Marketing Manager,
Traffic Safety Systems Division, Vehicle Registration Systems Business, the
CMA is another example of 3M's continued focus on delivering the latest, most
innovative technology solutions and products to its traffic and transportation
customer base. The relationship enables 3M's 70 plus subsidiaries to offer
their customers attractive solutions that solve a variety of critical
challenges facing these agencies.
"After extensively testing other available RFID products, we are very
pleased to add Sirit's innovative products to our portfolio," Terry Griffith
added. "We believe this partnership will benefit our customers by offering
RFID solutions that are based on open standard technology, as well as bringing
additional RFID expertise to our projects through Sirit's highly experienced
"While our initial focus will be targeted at worldwide EVR opportunities,
Sirit's IDentity 5100 is a versatile solution which can be applied to many
transportation applications," continued Freund. "Industry estimates suggest
that a significant number of vehicles are not properly maintained or insured,
impacting the environment, public safety and agency revenue. Applying the
IDentity 5100 solution, agencies can implement compliance programs which can
combat these issues in a meaningful way."
About 3M Traffic Safety Systems Division
The 3M Traffic Safety Systems Division has been a world leader in
transportation safety products and systems for nearly 70 years. The division
employs advanced technologies to enhance roadway safety, efficiency and
traffic management through signing, pavement marking and vehicle registration
solutions. Information on the full line of 3M transportation safety products
and systems is available at www.3M.com/tss.
About 3M - A Global, Diversified Technology Company
Every day, 3M people find new ways to make amazing things happen.
Wherever they are, whatever they do, the company's customers know they can
rely on 3M to help make their lives better. 3M's brands include Scotch,
Post-it, Scotchgard, Thinsulate, Scotch-Brite, Filtrete, Command and Vikuiti.
Serving customers in more than 200 countries around the world, the people of
3M use their expertise, technologies and global strength to lead in major
markets including consumer and office; display and graphics; electronics and
telecommunications; safety, security and protection services; health care;
industrial and transportation. For more information, including the latest
product and technology news, visit www.3M.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 14 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.
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 19, 2007 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.
"Sirit", the Sirit Design and "vision beyond sight" are all trademarks of
Sirit Inc. All other names of actual companies and products mentioned
herein may be the trademarks of their respective owners.
For further information:
For further information: Anastasia Chodarcewicz, Sirit Inc., (416)
367-1897 x227, firstname.lastname@example.org