Radio Frequency Identification Technology for Logistics, Tagging and EPC

Sirit, Federal Signal arrangement receives Federal Court approval

Wednesday, March 3, 2010

Sirit announced that the Ontario Superior Court of Justice has issued a final order approving the previously announced plan under which Federal Signal Corporation will acquire all of the issued and outstanding common shares of Sirit for $0.46 per share in cash.

As previously announced, 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 for cash consideration of $0.46 per share, an increase of $0.16 per share or 53% over the original cash consideration announced.

Sirit shareholders already approved the arrangement at a recent meeting of shareholders held on February 26, 2010. The Company expects the transaction to close on or about March 5, subject to the satisfaction of certain closing conditions. [end] 

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