Sirit Inc. (TSX: SI), 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. -- www.cnxmarketlink.com
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