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Sirit, 3M Brazil Partner with Dbtrans

^{Published on 2009-11-17 05:28:57 - Market Wire}
 

New RFID Electronic Payment Process Installed in Southern Brazil

TORONTO, Nov. 17 /CNW/ - Sirit Inc. ("Sirit") (TSX: SI), a global provider of radio frequency identification ("RFID") technology and 3M Brazil announce their collaboration with Dbtrans to introduce an electronic payment process for commercial truck and passenger tolling in the state of Rio Grande Do Sul, Brazil. A recent Brazilian federal government resolution enables the planned conversion by Dbtrans from the current credit voucher process into an electronic payment system to proceed.

Dbtrans is the second largest Automatic Vehicle Identification ("AVI") integrator in Brazil. Sirit and 3M Brazil effectively demonstrated to Dbtrans use of the secure, passive 915 MHz ISO 18000 6C technology for this application. The success of the proof of concept testing supported the strength and adaptability of Sirit's technology convincing Dbtrans to replace its legacy AVI technology. This application will be installed on up to 600 toll lanes throughout Brazil.

3M Brazil will provide in-country technical sales and service support for Sirit's IDentity 5100 ("ID5100") reader system to be installed by Dbtrans. Having already installed in excess of 100 lanes of the Sirit / 3M Brazil reader systems, Dbtrans is familiar and comfortable with Sirit's RFID technology.

"Our engineering team successfully tested the Sirit ID5100 systems at the 3M facility in Campinas, Brazil. Dbtrans currently uses the ID5100 in over 100 toll lanes, many of them backward compatible with legacy 915 MHz AVI systems. Those lanes are processing over 100,000 vehicle transactions daily. The ID5100 integrated reader has been working very well, enabling us with confidence, to recommend Sirit's equipment for Electronic Toll Collection applications," commented José Manuel de Abreu Pita Pombo, President, Dbtrans.

"Sirit is thrilled to be working with 3M Brazil and Dbtrans on this exciting new application in Brazil. Our collective and extensive on-site testing with the ID5100 reader systems has allowed us to confidently provide not only a higher performing technology over legacy passive systems, but also introduce an open standard technology as well. The unique blend of competitive pricing, high speed performance and high levels of security, coupled with the software flexibility of the ID5100 reader system provides a strong AVI solution to the 3M Brazil and Dbtrans teams," commented John Freund, Vice President Sales, 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

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.