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Sirit to Deliver Electronic Toll System in Buenos Aires Argentina

^{Published on 2009-09-02 05:34:07 - Market Wire}
 

 System achieves seamless migration from current legacy installation TORONTO, Sept. 2 /CNW/ - Sirit Inc. ("Sirit") (TSX: SI), a global provider of radio frequency identification ("RFID") technology, announces that it has received approval from Autopistas Urbanas S.A. ("AUSA") to install Sirit's electronic toll collection ("ETC") system in the city of Buenos Aires, Argentina. The system will utilize 90 Sirit IDentity 5100 ("ID5100") readers which will support the AUSA legacy tags. This installation demonstrates the increasing use of Sirit's technology which has recently been adopted to improve legacy systems throughout South America. AUSA is a Buenos Aires City-owned, highway concessionaire responsible for the construction, expansion and administration of the city of Buenos Aires highway network. The total area covered by AUSA's six highways is 41.2 km plus 17.1 km of interconnected roadways. Approximately 80 lanes will be upgraded with Sirit's RFID passive toll technology over the next several months. The current tolling system through Argentina's largest city is used by more than 300,000 vehicles daily, with only 20% of vehicles taking advantage of electronic tolling. Plans include offering lower electronic toll rates to encourage users to move away from cash payments. The installation is the direct result of a successful pilot which clearly demonstrated the capabilities of the new Sirit system to AUSA. "We have experienced firsthand the flexibility and ease of installation of Sirit's technology. Sirit's system has resulted in significant improvement in the dedicated lanes installed on the Illia toll plaza since June. Our testing has demonstrated that this is the best solution to increase electronic toll penetration in the city of Buenos Aires which in turn, will improve travel time and efficiency throughout the system," commented Ing. Gustavo Matta y Trejo, President, AUSA. "Sirit is privileged to be working with AUSA in Argentina. We understand AUSA's need to improve the efficiency of their current toll road infrastructure and are excited to provide what we believe is the most cost effective and reliable solution. The benefit to AUSA will be significantly improved speed and efficiency for the city of Buenos Aires with minimal interruption to upgrade their current systems," said Wolf Bielas, President Latin America, Sirit. 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 16 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 can be customized to address new and traditional RFID market applications including Supply Chain & Logistics, Cashless Payment (including Electronic Tolling), Access Control, Automatic Vehicle Identification, Near Field Communications, 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 and Canadian provincial securities legislation. These forward-looking statements relate to, among other things, Sirit's objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and can generally be identified by the use of words such as "may", "will", "could", "should", "would", "suspect", "outlook", "expect", "intend", "estimate", "anticipate", "believe", "plan", "forecast", "objective" and "continue" (or the negative thereof) and words and expressions of similar import, and may include statements concerning possible or assumed future results, financial outlook and/or future-oriented financial information. Although Sirit believes that the expectations reflected in such forward-looking statements are reasonable, 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. Important factors that could cause actual results to differ materially from expectations include but are not limited to: Sirit's ability to achieve commercialization and/or commercial acceptance of its RFID technology; the evolution of, and adoption rate in, the RFID market; Sirit's inability to expand sales both within and outside its traditional markets; changes in Sirit's strategic relationships; Sirit's dependence on resellers, distributors and significant customers; the utility of research and development expenditures undertaken by Sirit; product defects; increased levels of competition; changes in laws and regulations; foreign exchange fluctuations; and Sirit's overall liquidity and capital resources. These and other important risks are discussed in further detail in the section entitled "Risks Factors" in Sirit's Annual Information Form dated March 13, 2009 and in Sirit's management's discussion and analysis found in its 2008 annual report 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. Unless otherwise required by law, Sirit does not undertake any obligation to update any forward-looking statements contained in this news release as a result of new information, further events or otherwise. This cautionary statement expressly qualifies the forward-looking information in this news release. "Sirit", the Sirit Design and "vision beyond sight" are all trademarks of Sirit Inc. All other names of actual companies and products mentioned herein may be the trademarks of their respective owners. 

For further information: Anastasia Chodarcewicz, Sirit Inc., (416) 367-1897, [ achodarcewicz@sirit.com ]