Sirit Acquires RFID Company TradeWind Technologies

Acquisition completed for CDN $1.7 million


Toronto-based Sirit (www.sirit.com), an RFID technology provider, has fully acquired TradeWind Technologies, also in the RFID space.

TradeWind, a Tennesse-based manufacturer of high frequency RFID readers, was sold for the equivalent of CDN $1.7 million, an amount which included 3 million common shares of Sirit and $600,000 cash in U.S. funds.

Sirit's CEO Norbert Dawalibi called the acquisition a "strategic fit," and said it helps allow Sirit to luanch its "plug-and-play" RFID readers in the closed loop RFID area. The close loop technology is positioned for not only cashless payments, but also for asset managment, inventory management and product authentic authentication for high-value retail.