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SIRIT Technologies Inc. Announces the Successful Deployment of Transponders on the Golden Gate Bridge
12/20/02
iTech Capital Corp.'s ('iTech') wholly owned subsidiary SIRIT
Technologies Inc. ('SIRIT') announces that it has successfully
commenced deployment of its electronic toll collection (ETC)
transponder technology on the Golden Gate Bridge in San
Francisco, California. The Golden Gate Bridge has been
successfully using ETC technology since July 13, 2000.
In August 2002 SIRIT was awarded a contract from the Golden
Gate Bridge, Highway and Transportation District (the 'District'),
the public agency that operates the Bridge, for SIRIT's transponder
technology. The contract, which is valued at in excess of $1.5
million USD when all options are included, was the result of an
open, competitive bidding process. The contract called for an initial
purchase of 15,000 IDentity Title 21 transponders from SIRIT with
two options of 20,000 transponders each. The success of the initial
transponder deployment has lead to the exercise of the first option
by the District of 20,000 additional transponder for delivery in
December 2002 and January 2003.
Based in San Francisco, the District consists of three operating
divisions, Bridge, Bus and Ferry, and an administrative District
Division. Annually more than 40 million vehicles cross the Golden
Gate Bridge and more than 10 million customers ride Golden Gate
Transit and Golden Gate Ferry.
The Golden Gate Bridge has adopted the statewide standard electronic toll collection technology, marketed under the FasTrak(R) trade
name that allows motorist to electronically pay Golden Gate Bridge tolls. Customers must open a prepaid account by completing an
application. FasTrak(R) accounts can be opened with a credit card, the most convenient method. Both cash and checks are accepted.
Once the account is open, customers receive a small, lightweight transponder about the size of a deck of cards, to mount on the inside of
their vehicle windshield. Motorists with FasTrak(R) transponders will be able to drive across the Golden Gate Bridge without stopping
to pay their toll. SIRIT also provides FasTrak(R) technology to the other Bay Area bridges operated by Caltrans and to other toll
agencies across the State of California.
Mike Houle, President and Chief Operating Officer for SIRIT commented, 'This contract win and successful deployment with the
Golden Gate Bridge is significant because it continues to demonstrate SIRIT's market leadership with Title 21 compliant product in the
State of California. SIRIT is now the supplier to all of the toll agencies in the State. SIRIT's IDentity Title 21 system allows complete
interoperability between toll agencies providing convenience to the public. We are very pleased to welcome the Golden Gate Bridge to
our family of valued customers.'
About SIRIT Technologies Inc.:
SIRIT designs, develops, manufactures and sells radio frequency identification (RFID) technology. Targeted at a diverse set of markets,
RFID technology has become a core technology for applications including: electronic toll collection, access control, cashless payment
systems, product identification, supply chain management applications including logistics, warehousing and manufacturing and asset
management. For more information on SIRIT Technologies Inc., visit www.sirit.com or call (800) 498-8760.
Some statements in this press release contain forward-looking information. These statements address future events and conditions and,
as such, involve inherent risks and uncertainties. Actual results could be significantly different from those projected.
CONTACT: TEL: 1-800-626-7221 iTech Capital Corp.
Janet Segat, Manager,
Investor Relations and Administration
Email: itech@itechcapital.com
Website: www.itechcapital.com
TEL: 1-800-498-8760 x 225 SIRIT Technologies Inc.
Fred Veinot, Vice President,
Marketing & Strategy
Email: mail@siritcorp.com
TEL: (415) 923 2222 Golden Gate Bridge
Mary Currie, Public Affairs
Director Golden Gate Bridge
Email: mcurrie@goldengate.org
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