Torq Resources Inc. press release
Sirit Awarded $5.9 Million RFID Transponder Contract
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TORONTO, June 21 /CNW/ - Sirit Inc. (TSX: SI), a leading provider of radio frequency identification (RFID) technology, announced today that it has secured an order valued up to $5.9 million from the Bay Area Toll Authority ("BATA") in California. Commencing July 2006, the new contract calls for Sirit to deliver a combination of its traditional sealed and new battery replaceable Title-21 based toll transponders including packaged tags available at retail locations. The one-year contract, awarded through BATA's competitive bid process, is a follow-on to a deal announced in October 2005, which originally was expected to satisfy BATA's transponder requirements through November of this year. Through recent marketing initiatives and the planned expansion of electronic toll collection lanes at toll plazas in Spring 2007, BATA continues to aggressively promote the use of electronic toll collection by making it easier for new customers to enroll. BATA expects to begin retail distribution of transponders in late August or early September 2006. "We are working to increase the use of electronic toll collection in the Bay Area," commented Linda Lee, FasTrak(R) Project Manager for BATA. "Sirit continues to be a partner in that effort. Electronic tolling allows us to maximize vehicle throughput on Bay Area bridges. Approximately 120 million toll-paying vehicles cross the seven state-owned bridges in a year. Of these, approximately 42% currently use a FasTrak(R) toll transponder during the peak commute period and our goal is to increase that usage rate to approximately 60% to 70% over the next one to two years by making improvements to the system." "Our win underscores our reputation in California as the supplier of choice for tolling technology," commented John Freund, Vice President, Automatic Vehicle Identification, Sirit Inc. "We are proud that we continue to enjoy a strong relationship with our customers through our focus on reliable product delivery and performance, advanced open architecture tag technology and above all else - exceptional customer service."
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.
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.