TORONTO, Nov. 11 /CNW/ - Sirit Inc. ("Sirit")(TSX: SI), a global provider of radio frequency identification ("RFID") technology, announces the launch of its second toll installation in Colombia. Sirit's IDentity 5100 ("ID5100") readers and passive transponders have been installed along the Devimed Toll Road in Medellin, Colombia. The electronic toll collection system, referred to as Flypass, will streamline toll collection operations while simultaneously offering speed, comfort and security for over 24,000 daily users.
The Flypass system will be installed on four toll plazas consisting of 10 toll lanes. To date, three plazas, Copacabana, El Santuario and Puerto Triunfo, have been installed. The fourth toll plaza is to be installed on Las Palmas road which serves as a passageway to Retiro, La Fe and La Ceja.
The 6 toll lanes currently in operation were upgrades of existing technology by Flytech Ltda., a developer and solution provider for vehicle access and control systems across South America, to Sirit products. This conversion allows for the future interoperability with other roads Colombia.
"Sirit technology paves the way for this installation to evolve into a nationwide system. We have worked hard to add this second major toll installation in Colombia and are very excited to be a part of this project," noted Wolf Bielas, President, Latin America, Sirit.
"After extensively investigating various technologies, Flytech implemented Sirit's technology based on the performance, quality and reliability of their product in contrast to competitors. Aside from the economic benefit of passive tags, the simplicity of tag construction and ease of maintenance convinced us of the suitability for our application. Sirit is a leader in passive tag manufacturing as well as the utilization of 18000 6C protocol, both fundamental aspects of our technology decision," noted Juan Manuel Vicente, General Manager, Flytech. "The ID5100 is a versatile and robust reader which was very simple to integrate into our current software. Its multi-protocol capabilities allow us to easily integrate it with different systems," added Mr. Vicente.
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 16 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
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.
SOURCE SIRIT INC.
For further information: For further information: Anastasia Chodarcewicz, Sirit Inc., (416) 367-1897 x227, firstname.lastname@example.org