Sirit Inc. to Acquire Assets of SAMSys Technologies Inc. Through Receivership Process
Thursday April 6, 8:23 am ET
TORONTO, April 6 /CNW/ - Sirit Inc. ("Sirit") (TSX: SI - News) a leading provider of radio frequency identification (RFID) technology, announced today it has entered into an agreement with SAMSys Technologies Inc. ("SAMSys") and the holder of its outstanding secured debentures to acquire through a court appointed receivership process, all of the assets and undertaking of SAMSys.
The agreement is subject to a number of conditions, including approval of the transaction by the Ontario Superior Court of Justice and that the transaction be completed by April 13, 2006. The financial terms of the transaction were not disclosed.
Sirit expects to integrate SAMSys' technology and product offerings with Sirit's family of RFID readers, to provide customers and OEM partners with a broad range of RFID solutions and form factors.
"We are excited about the opportunity to grow our market share and strengthen Sirit's presence in the global RFID market," said Norbert Dawalibi, President and CEO of Sirit Inc. "Execution of the agreement brings with it the opportunity to broaden our customer base, expand our RFID product offerings, and increase our geographical reach, all of which strengthens Sirit's ability to meet new market opportunities around the world."
Dawalibi continued, "For more than 12 years, Sirit has been dedicated to providing world-class RFID technology and superior customer support to leading OEMs, strategic partners and end customers. Sirit is committed to delivering the same exceptional service levels to current SAMSys customers to ensure there is no disruption to their operations as we move forward."
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