- April 22, 2008
TORONTO, ON, CANADA | Sirit Inc. a leading provider of radio frequency identification ("RFID") technology, confirms it has completed its acquisition of RSI ID Technologies, Inc. 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. Sirit president and CEO Norbert Dawalibi commented, "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." Mr. Wolf Bielas will remain as CEO of RSI located in Chula Vista,
California. See http://www.sirit.com.