RE: I2R
https://www.fin-info.com/$test$nobody,$fa1a9d93c382/press_release.phtml?symbol=SIRT&_time=20000718094106
SIRIT Technologies Inc. Completes its Acquisition of i2R Ltd. A Major Strategic Initiative in the Wireless Market
Toronto, Ontario --
SIRIT Technologies Inc. ("SIRIT" or the "Company") is pleased to
announce that it has purchased all of the issued and outstanding
shares of i2R Ltd. ("i2R") of Loughborough, England for
approximately $2.2 million. The transaction, completed today, is
a major strategic initiative in the growth and future direction
of SIRIT.
i2R is a leading research, development and manufacturing company
focused on the wireless/Radio Frequency Identification ("RFID")
market. i2R becomes a wholly owned subsidiary of SIRIT. i2R was
founded in 1994 and has established itself as a premier supplier
of RF reader technology to leading multi-national companies
including Texas Instruments, Inc., its largest customer.
The growth i2R has experienced since its inception has been under
the leadership of its founder, Dr. David Evans, who has joined
SIRIT as Executive Vice-President and Chief Technology Officer.
Dr. Evans will continue to be responsible for the research,
development and manufacturing activities of i2R as well as
assuming overall responsibility in setting and implementing the
future technology direction for SIRIT. Dr. Evans will be
appointed a Director of SIRIT.
Dr. Evans, a graduate of Loughborough University, England gained
Bachelor and Master degrees in Electronic and Electrical
Engineering and a doctoral degree in Lasers and Optoelectronics.
Dr. Evans subsequently joined The General Electric Company to
establish a Laser Engineering business unit. He then became a
member of the Academic Staff at Loughborough University to
develop research activities in the field of Optoelectronics and
lecture in Microelectronics. Dr. Evans left the University in
1994 to establish i2R and has grown a business which has become
a respected leader in RFID technology.
"We welcome Dr. Evans and his dedicated team of professionals
into SIRIT", commented Michael Briand, President & CEO of SIRIT.
"This is an extremely synergistic acquisition that brings to
SIRIT a R & D group that is world-class in the RFID industry. In
addition, i2R's manufacturing facilities allow us to service an
expanding customer base giving us the capability to design,
develop and manufacture products in this competitive environment
at a speed to market second to none."
Dr. Evans said, "i2R is delighted and excited by this transaction
as it brings together the commercial advantage of the integration
of two companies that have established themselves in this dynamic
and expanding technology sector. In addition, it brings together
an excellent mix of technologies and product offerings and along
with a more diversified customer base. SIRIT and i2R will now be
able to supply products that support various RFID technology
platforms, such as 13.56 MHz smart labels and low frequency and
ultra high frequency transponders. We will be able to offer our
customers the most appropriate solution at the most appropriate
frequency."
SIRIT focuses its business on wireless, e-commerce payment
solutions and identification systems in the transportation and
other industries using radio frequency technology. SIRIT designs,
develops and manufactures a range of radio frequency
identification products marketed as the IDentity Series including
IDentity HandsFree, IDentity Flex and IDentity Title 21. SIRIT is
the largest supplier of Title 21 compliant electronic toll
collection systems to the United States market.
i2R designs, develops and manufactures OEM readers for a broad
range of transponder types. The company has developed
sophisticated multi-protocol reader systems that are supplied to
blue chip customers for integration into a wide range of RFID
applications. i2R is based in Loughborough, England where its
in-house research, development and manufacturing capabilities
enable the company to supply high volume, cost effective
multi-protocol reader solutions around the world.
SIRIT has 34,067,843 common shares outstanding on a fully diluted
basis.
For more information contact:
Michael Briand, President & CEO, SIRIT Technologies Inc
Telephone (800) 498-8760
FAX (905) 940-4405
e-mail "mail@siritcorp.com".
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