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Sirit Awarded US$6.6 million Renewal RFID Transponder Order

^{Published on 2009-09-10 05:20:30 - Market Wire}
 

 Fifteen month procurement extends long-standing relationship with BATA TORONTO, Sept. 10 /CNW/ - Sirit Inc. ("Sirit")(TSX: SI), a global provider of radio frequency identification ("RFID") technology, announced today that the Bay Area Toll Authority ("BATA") has confirmed a toll transponder order valued at $6.6 million over the next fifteen months. The order includes two options to purchase up to $1.7 million in additional toll transponders. The new order calls for Sirit to deliver its traditional sealed Title-21 based toll transponders including packaged tags available at retail locations. BATA expects to begin distribution of transponders under this order in late October 2009. "We are pleased once again to have Sirit as our toll transponder provider," commented Scott Shepard, FasTrak(R) Project Manager for BATA. "Sirit continues to be a strong partner for BATA. Electronic tolling allows us to maximize vehicle throughput on Bay Area bridges. Approximately 112 million toll paying vehicles cross the seven state-owned bridges in a year. Of these, approximately 60% currently use a FasTrak(R) toll transponder during the peak commute period," added Mr. Shepard. "This win once again underscores our reputation throughout the west coast of North America as the competitive supplier of choice for open standard toll technology," noted John Freund, Vice President Sales, Sirit. "We are proud of our strong relationship with BATA and we continuously strive to advance reliable product delivery and performance, competitively priced open standard tag technologies and above all else - exceptional customer service," added Mr. Freund. 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 ]