Torq Resources Inc. press release
Sirit Inc. Completes Acquisition of SAMSys' Assets
TSXV - TSX Venture Exchange · Copper · Gold · Molybdenum · Iron · Canada
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.
Cautionary Note Regarding Forward Looking Statements Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995: Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Sirit to be materially different from any future results, performance or achievements expressed or implied by such forward- looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of risks and uncertainties impacting Sirit's business which are discussed in the section entitled "Description of the Business - Risks Factors" in Sirit's Annual Information Form dated March 16, 2006 as filed with the securities regulatory authorities in Canada via SEDAR. Although Sirit has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended.