Strategic union creates comprehensive suite of RFID solutions
TORONTO, March 4 /CNW/ - Sirit Inc. ("Sirit") (TSX: SI), a leading
provider of radio frequency identification ("RFID") technology, announces that
it has entered into a definitive agreement to acquire RSI ID Technologies,
Inc. ("RSI"). RSI is an industry leading, vertically integrated manufacturer
of antennas, inlays and tags for specialized, passive RFID applications.
The combination of Sirit's broad range of readers and modules with RSI's
suite of innovative RFID antenna design and inlay manufacturing capabilities
creates a highly competitive integrated solution for Sirit and RSI customers.
This enables the combined entity to offer more complete end-to-end solutions
to the marketplace.
Sirit and RSI's broad operational experience in the RFID market will be
seamlessly integrated to dramatically expand the scope of opportunities,
creating the perfect solution for demanding environment applications such as
Livestock Tracking, Media & Entertainment and Homeland Security. In the
automatic vehicle identification sector, Sirit's extensive experience in
reliably reading tags in vehicles at speeds of up to 160km/hr in harsh weather
conditions, paired with RSI's unique passive tag solutions supports the
increasing demand worldwide for Electronic Vehicle Registration (EVR)
solutions that Sirit and RSI are jointly pursuing.
"This deal represents a key strategic growth opportunity for Sirit,
building upon our readers and specialized active tag product offerings. The
combination with RSI will assist us to attain our goals of increasing revenue,
strengthening of our intellectual property portfolio and expanding our
geographic presence," explained Norbert Dawalibi, President and CEO, Sirit
"Sirit is a perfect fit for RSI to reach its next stage of growth," added
Wolf Bielas, CEO, RSI ID Technologies, Inc. "We evaluated many opportunities
for both investment and strategic partnerships in the RFID space. Sirit's
strategy and product offering resulted in the best fit and highest growth
opportunity for both companies and we at RSI are very excited to join the
The deal will be structured as an all stock transaction with an initial
payment of 10 million Sirit Common Shares plus additional shares to be issued
over a 21 month period based on achieving certain financial targets. The
transaction is subject to receipt by Sirit of all requisite regulatory
approvals including the Toronto Stock Exchange and is expected to close on or
about April 1, 2008. RSI will continue to operate out of their California
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.
About RSI ID Technologies, Inc.
RSI ID Technologies, Inc. is a leading, vertically integrated
manufacturer of antennas, inlays, and tags. RSI ID's core skills in rapid tag
design and high quality manufacturing of inlays and labels, coupled with its
extensive systems design and integration expertise, enable it to deliver
innovative solutions to complex RFID problems across global markets.
Established in 1991, RSI ID offers a full line of HF and UHF RFID labels,
readers, and software to customers in a broad range of industries. To find out
more about RSI's RFID products, please visit www.rsiid.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, email@example.com; Wolf Bielas, RSI ID Technologies,
Inc., (619) 210-0070, firstname.lastname@example.org