Sirit Inc., a leading provider of radio frequency identification ("RFID") technology, announces that its management will be investing in the Company.
Sirit management and Board of Directors will be completing a private placement to increase their ownership interests in the Company. The total funds invested will be $785,000.00 before associated fees. The shares will be issued at a price which represents the 5 day volume weighted average trading price prior to board approval of the private placement. Dilution is expected to be less than 4%.
The private placement is subject to usual regulatory approvals and is expected to be completed within the next few weeks. The proceeds will be used for general working capital purposes. Sirit confirms that its outlook, as described under the heading Second Half 2008 Perspective contained in its August 5, 2008 press release, remains unchanged.
About Sirit Inc.
Sirit Inc. is a leading provider of 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 15 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.
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