Sirit Extends its Borrowing Facility

    Sirit moves to specialist technology bank for its future growth plans

    TORONTO, June 18 /CNW/ - Sirit Inc. ("Sirit") (TSX: SI), a global
provider of radio frequency identification ("RFID") technology, announces that
it has signed with Silicon Valley Bank, a premier commercial bank for
technology companies, to increase its borrowing capacity to a maximum of
US$2.5 million.
    "We are very pleased to be working with one of the most stable and top
technology banks in the US," stated Anastasia Chodarcewicz, CFO, Sirit Inc.
"With Silicon Valley Bank we have increased our current borrowing
capabilities, even in these tough economic times, by over US$1 million as
Sirit anticipates growth and looks to Silicon Valley Bank to assist with our
future banking needs."
    "SVB is proud to work with Sirit," said Dave Rodriguez of Silicon Valley
Bank. "We are committed to the Company's success and to providing the
financial solutions it needs to pursue its plans for growth."

    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

    About Silicon Valley Bank

    Silicon Valley Bank is the premier commercial bank for companies in the
technology, life science, venture capital/private equity and premium wine
industries. SVB provides a comprehensive suite of financing solutions,
treasury management, corporate investment and international banking services
to its clients worldwide. Through its focus on specialized markets and
extensive knowledge of the people and business issues driving them, Silicon
Valley Bank provides a level of service and partnership that measurably
impacts its clients' success. Founded in 1983 and headquartered in Santa
Clara, Calif., the company serves clients around the world through 27 U.S.
offices and international operations in China, India, Israel and the United
Kingdom. Silicon Valley Bank is a member of global financial services firm SVB
Financial Group (Nasdaq:   SIVB), with SVB Analytics, SVB Capital, SVB Global
and SVB Private Client Services. More information on the company can be found

    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; Sirit's inability to expand sales both within and outside its
traditional markets; 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 13,
2009 and in Sirit's management's discussion and analysis found in its 2008
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. Unless
otherwise required by law, 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.

    Silicon Valley Bank is the California bank subsidiary and the commercial
banking operation of SVB Financial Group. Banking services are provided by
Silicon Valley Bank, a member of the FDIC and the Federal Reserve. SVB Private
Client Services is a division of Silicon Valley Bank. SVB Financial Group is
also a member of the Federal Reserve System.

For further information:

For further information: Anastasia Chodarcewicz, Sirit Inc., (416)
367-1897 x227,

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