RF Design Magazine

SIRIT announces closing of $2.9 million equity financing

Dec 5, 2003 12:00 PM

SIRIT, Toronto, Canada, has announced the closing of the first tranche of its private placement with J.L. Albright III Venture Fund. SIRIT is selling 9.7 million of its common shares to J.L. Albright at a price of $0.30 per share, for gross proceeds to SIRIT of $2.9 million. The sale of an additional 16.9 million SIRIT common shares to J.L. Albright for gross proceeds of about $5 million is scheduled to occur following receipt of the requisite approval of SIRIT shareholders, expected on Dec. 29.

SIRIT will use the $2.9 million investment to accelerate its product developmnet and marketing strategy in direct response to the various initiatives involving the widespread deployment of RFID technology. Wal-Mart met with its top 100 suppliers and a select group from the RFID industry on Nov. 4, including SIRIT, to outline its plan for deployment of RFID within its supply network.

SIRIT intends to use the proceeds of the total financing to accelerate its product development cycle and to expand its key alliances with major players directly involved in the efforts to meet the deployment challenges. Initial product roll-outs will commence in the first quarter of 2004 to address the immediate needs for field trials within the supply network.

June Defense
 
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