TORONTO, Sept. 23 /CNW/ - Sirit Inc. ("Sirit") (TSX: SI), a leading
provider of radio frequency identification ("RFID") technology, announces that
its management will be investing in the Company.
Sirit management and Board of Directors will be completing a private
placement to increase their ownership interests in the Company. The total
funds invested will be $785,000.00 before associated fees. The shares will be
issued at a price which represents the 5 day volume weighted average trading
price prior to board approval of the private placement. Dilution is expected
to be less than 4%.
The private placement is subject to usual regulatory approvals and is
expected to be completed within the next few weeks. The proceeds will be used
for general working capital purposes. Sirit confirms that its outlook, as
described under the heading Second Half 2008 Perspective contained in its
August 5, 2008 press release, remains unchanged.
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.
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 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.
"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