Torq Resources Inc. press release
Sirit to Receive US$1.9 million from Sale of Non-Core Investment
TSXV - TSX Venture Exchange · Copper · Gold · Molybdenum · Iron · Canada
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.
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.