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Acquisition of RSI ID Technologies complete
04
Apr '08
Sirit Inc a leading provider of radio frequency identification (“RFID”) technology, is pleased to confirm that it has completed its acquisition of RSI ID Technologies Inc (“RSI”).

RSI is an industry leading, vertically integrated manufacturer of antennas, inlays and tags for specialized, passive RFID applications.

In accordance with the terms of the agreement announced on March 4, 2008, the deal has been structured as an all stock transaction with an initial payment of 10 million Sirit Common Shares plus additional shares to be issued over a 21 month period based on achieving certain financial targets.

The transaction has received all requisite regulatory approvals including that of the Toronto Stock Exchange. “We are very excited to have executed this acquisition as planned and to have the RSI team officially join Sirit.

We will now focus our combined strength on providing our complete end-to-end solution to new and current customers, such as our recently announced partnership with 3M, as well as targeting key markets worldwide, including electronic vehicle identification.” noted Norbert Dawalibi, President and CEO, Sirit Inc.

Mr. Wolf Bielas will remain as CEO of RSI located in Chula Vista, California.

Sirit Inc

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