TORONTO, April 1 /PRNewswire-FirstCall/ -- Sirit Inc. ("Sirit") (TSX: SI), a leading provider of radio frequency identification ("RFID") technology, is pleased to confirm that it has completed its acquisition of RSI ID Technologies, Inc. ("RSI"). RSI is an industry leading, vertically integrated manufacturer of antennas, inlays and tags for specialized, passive RFID applications.
In accordance with the terms of the agreement announced on March 4, 2008, the deal has been 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 has received all requisite regulatory approvals including that of the Toronto Stock Exchange.
"We are very excited to have executed this acquisition as planned and to have the RSI team officially join Sirit. We will now focus our combined strength on providing our complete end-to-end solution to new and current customers, such as our recently announced partnership with 3M, as well as targeting key markets worldwide, including electronic vehicle identification," noted Norbert Dawalibi, President and CEO, Sirit Inc.
Mr. Wolf Bielas will remain as CEO of RSI located in Chula Vista, 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 http://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 http://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 14, 2008 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.
