Sirit Inc. Completes Acquisition of SAMSys' Assets
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TORONTO, April 13 /CNW/ - Sirit Inc. ("Sirit") (TSX: SI), a leading
provider of radio frequency identification (RFID) technology today confirms
the completion of its acquisition of the assets and undertaking of SAMSys
Technologies Inc. ("SAMSys") out of the court appointed receivership
proceedings. Sirit paid $4.0 million, exclusive of deal costs, for the assets
of SAMSys which included cash resources of $2.5 million.
The Company's immediate focus will be to quickly integrate the operations
to ensure a seamless transition for all current SAMSys customers and to bring
to market the new product platform that has been in development for over
twelve months.
"We believe this acquisition represents another important step in our
overall strategy to strengthen Sirit's presence in the global RFID market"
commented Norbert Dawalibi, President and CEO, Sirit Inc. "We are eager to
commence the integration of the two companies to take advantage of operational
efficiencies and most importantly to present new and existing customers with
our expanded suite of RFID solutions."
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 12 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 RFID market
applications including Supply Chain & Logistics, Cashless Payment, Access
Control, Automatic Vehicle Identification, Inventory Control & Management,
Asset Tracking and Product Authentication. For more information, visit
www.sirit.com.
For further information: Lorelei L. Luchkiw, Sirit Inc., (416) 367-1897
x249, (416) 669-8390, lluchkiw@sirit.com
