TORONTO, June 7 /CNW/ - Sirit Inc. (TSX: SI), a leading provider of radio
frequency identification (RFID) technology, announced today that it has been
notified of the intent to award a contract worth approximately US$10.6 million
over three years from the Transportation Corridor Agencies ("TCA") in Southern
California. Upon Board approval, Sirit will enter into an agreement to supply
its Title 21-based RFID transponders following the completion of the existing
contract. Sirit anticipates the new contract to be approved on or about
June 14, 2007 with shipments to begin in July 2007.
"Sirit is proud to be the successful bidder for this contract and to
continue our strong partnership in supplying our RFID toll technology to TCA,"
commented John Freund, Vice President, AVI Solutions, Sirit Inc. "Sirit
continues to be the only Company in North America to offer toll solutions
based solely on an open standard which compels us as an organization to
compete every day by providing best in class technology, pricing and service
to our customers."
"Sirit continues to be an important partner to the success and growth of
TCA's toll system in Southern California," stated David Armijo, Chief Toll
Operations Officer, Transportation Corridor Agencies. "A key aspect to Sirit's
successful bid was their track record in providing TCA with cost competitive
products and superior customer service. We look forward to extending our 10
year relationship with this industry leader."
About Sirit Inc.
Sirit Inc. (TSX: SI) is a leading provider of Radio Frequency
Identification (RFID) solutions 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 13 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 contactless
market applications including Near Field Communication, Supply Chain &
Logistics, Cashless Payment (including Electronic Tolling), Access Control,
Automatic Vehicle Identification, Inventory Control & Management, Asset
Tracking and Product Authentication.
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
"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: Media Inquiries: Lorelei L. Luchkiw, Sirit
Inc., (416) 367-1897 x249, firstname.lastname@example.org