Sirit Inc. to Acquire Assets of SAMSys Technologies Inc. Through Receivership Process
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Sirit Inc. to Acquire Assets of SAMSys Technologies Inc. Through Receivership Process
TORONTO, April 6 /CNW/ - Sirit Inc. ("Sirit") (TSX: SI) a leading
provider of radio frequency identification (RFID) technology, announced today
it has entered into an agreement with SAMSys Technologies Inc. ("SAMSys") and
the holder of its outstanding secured debentures to acquire through a court
appointed receivership process, all of the assets and undertaking of SAMSys.
The agreement is subject to a number of conditions, including approval of
the transaction by the Ontario Superior Court of Justice and that the
transaction be completed by April 13, 2006. The financial terms of the
transaction were not disclosed.
Sirit expects to integrate SAMSys' technology and product offerings with
Sirit's family of RFID readers, to provide customers and OEM partners with a
broad range of RFID solutions and form factors.
"We are excited about the opportunity to grow our market share and
strengthen Sirit's presence in the global RFID market," said Norbert Dawalibi,
President and CEO of Sirit Inc. "Execution of the agreement brings with it the
opportunity to broaden our customer base, expand our RFID product offerings,
and increase our geographical reach, all of which strengthens Sirit's ability
to meet new market opportunities around the world."
Dawalibi continued, "For more than 12 years, Sirit has been dedicated to
providing world-class RFID technology and superior customer support to leading
OEMs, strategic partners and end customers. Sirit is committed to delivering
the same exceptional service levels to current SAMSys customers to ensure
there is no disruption to their operations as we move forward."
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 (including
Electronic Tolling), 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, lluchkiw@sirit.com
