Sirit to Receive $1.9M from Sale of Non-Core Investment

RFID company to sell Medsite division, not part of RFID technology core


TORONTO, July 20-- Sirit Inc. , a leading provider of radio frequency identification ("RFID") technology, announced today that it will receive cash of US$1.9 million upon completion of the sale of one of its minority interest investments, Medsite, Inc. The transaction is expected to close within the next 30 days with 10% of the proceeds to be held in escrow for a period of up to one year.

"Medsite, Inc. represented a legacy investment for Sirit and was not part of our focus on RFID technology solutions," said Norbert Dawalibi, President and CEO, Sirit Inc. "We believe strongly in the strategy Sirit is pursuing and in the ability of Sirit's management to successfully implement its plans."

"This transaction will enhance shareholder value by converting this legacy investment into cash supporting the execution of Sirit's strategic plan to concentrate on its RFID business," added Anastasia Chodarcewicz, Chief Financial Officer, Sirit Inc.