Sirit Shareholders Approve Acquisition by Federal Signal

Feb. 26, 2010
www.sirit.com




Sirit Inc., a leading provider of RFID technology, announced that, at the company’s meeting of shareholders held earlier today, Sirit shareholders approved the adoption of its amended definitive arrangement agreement with Federal Signal Corporation.

As previously announced, on Feb. 24, 2010, Sirit signed a second amendment to its definitive arrangement agreement with Federal Signal, whereby Federal Signal would acquire all of the issued and outstanding common shares of Sirit for cash consideration of $0.46 per share by way of a court approved plan of arrangement under the Business Corporations Act (Ontario), an increase of $0.16 per share or 53% over the original cash consideration announced on Jan. 14, 2010.

“We are pleased with the shareholder support demonstrated by today’s vote,” said Norbert Dawalibi, president and CEO of Sirit. “We believe that our agreement with Federal Signal is in the best interests of our shareholders, our employees and the future of our businesses. The combination with Federal Signal delivers swift and certain value for Sirit shareholders and opens up new opportunities for our business and employees as part of a larger organization with greater financial resources.”

“On behalf of Sirit’s Board of Directors and management team, I want to thank our hard-working employees for their support throughout this process. We look forward to completing this transaction as quickly as possible and we anticipate a smooth transition,” concluded Dawalibi.

The company expects the transaction to close on or about March 5, 2010, subject to the satisfaction of certain closing conditions, including, obtaining final court approval.