Sirit Inc. to Acquire TradeWind Technologies LLC
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Deal expands RFID product portfolio and augments engineering capabilities
TORONTO, Feb. 27 - Sirit Inc. (TSX: SI), a leading provider of radio frequency identification (RFID) technology, has signed a definitive agreement to acquire Tennessee-based TradeWind Technologies LLC. TradeWind develops and manufactures RFID readers and technology with an emphasis on high frequency (13.56 MHz) operation, modular architectures, as well as cost-effective and compact form factors.
The acquisition of TradeWind will bring to Sirit a product line of flexible "plug and play" RFID readers ideally suited to a number of closed loop applications including contactless/cashless payments, asset management, retail and high value product authentication, and inventory management. In addition, Sirit further strengthens its technological capabilities through the addition of a highly skilled engineering team and broad based intellectual property portfolio.
The purchase price payable by Sirit will be a combination of cash and Sirit common shares estimated at just under C$2,000,000. The transaction is subject to receipt by Sirit of all requisite regulatory approvals including the approval of the Toronto Stock Exchange and Fis expected to close within 60 days.
"As we increase our focus on closed loop opportunities, TradeWind's products and technology will complement our existing line of embedded RFID modules," commented Norbert Dawalibi, President and CEO, Sirit Inc. "The acquisition of TradeWind will offer quick to market solutions which protect end user investments in everyday business devices like smartphones, PDAs and PCs and create innovative new use cases with compelling ROI and benefits."
"We are very pleased with the addition of the TradeWind team to Sirit,' continued Dawalibi. "We have been very impressed with the level of engineering expertise of the TradeWind team and look forward to leveraging their skills and intellectual property across the combined product portfolio."
"Our team is extremely excited about this transaction and looks forward to making a positive contribution to the success of Sirit. We feel that the cultures of the organizations are well aligned facilitating a rapid and smooth integration of our businesses," said Douglas Yeager, President of TradeWind.
"Together, with our combined product base and technological expertise, we are
very well positioned to grow our products into new markets and capitalize on
new opportunities."
About TradeWind Technologies LLC
TradeWind develops and manufactures flexible and low-cost advanced radio
frequency identification (RFID) systems for OEMs, VARs and Systems Integrators
to meet the demands of emerging RFID markets worldwide. TradeWind's RFID
systems support a full range of ISO and industry standard RFID tags and smart
labels. TradeWind Technologies LLC is based in Oak Ridge, Tennessee.
About Sirit Inc.
Sirit Inc. (TSX: SI) is a leading provider of Radio Frequency Identification (RFID) reader 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.
Cautionary Note Regarding Forward Looking Statements
For further information: Lorelei L. Luchkiw, Sirit Inc., (416) 367-1897
x249, (416) 669-8390, lluchkiw@sirit.com
