Good NewsSirit to Receive US$1.9 million from Sale of Non-Core Investment
TORONTO, July 20 /CNW/ - Sirit Inc. ("Sirit") (TSX: SI), a leading
provider of radio frequency identification ("RFID") technology, announced
today that it will receive cash of US$1.9 million upon completion of the sale
of one of its minority interest investments, Medsite, Inc. The transaction is
expected to close within the next 30 days with 10% of the proceeds to be held
in escrow for a period of up to one year.
"Medsite, Inc. represented a legacy investment for Sirit and was not part
of our focus on RFID technology solutions," said Norbert Dawalibi, President
and CEO, Sirit Inc. "We believe strongly in the strategy Sirit is pursuing and
in the ability of Sirit's management to successfully implement its plans."
"This transaction will enhance shareholder value by converting this
legacy investment into cash supporting the execution of Sirit's strategic plan
to concentrate on its RFID business," added Anastasia Chodarcewicz, Chief
Financial Officer, Sirit Inc.
More information about Medsite, Inc. can be found at www.medsite.com.
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.