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SIRIT Technologies Inc. Completes its Acquisition of i2R Ltd. A Major Strategic Initiative in the Wireless Market

Business Wire, July 18, 2000

Business Editors

TORONTO--(BUSINESS WIRE)--July 18, 2000

SIRIT Technologies Inc. (CDN:SIRT.) is pleased to announce that it has purchased all of the issued and outstanding shares of i2R Ltd. ("i2R") of Loughborough, England for approximately $2.2 million.

The transaction, completed today, is a major strategic initiative in the growth and future direction of SIRIT.

i2R is a leading research, development and manufacturing company focused on the wireless/Radio Frequency Identification ("RFID") market. i2R becomes a wholly owned subsidiary of SIRIT. i2R was founded in 1994 and has established itself as a premier supplier of RF reader technology to leading multi-national companies including Texas Instruments, Inc., its largest customer.

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The growth i2R has experienced since its inception has been under the leadership of its founder, Dr. David Evans, who has joined SIRIT as Executive Vice-President and Chief Technology Officer. Dr. Evans will continue to be responsible for the research, development and manufacturing activities of i2R as well as assuming overall responsibility in setting and implementing the future technology direction for SIRIT. Dr. Evans will be appointed a Director of SIRIT.

Dr. Evans, a graduate of Loughborough University, England gained Bachelor and Master degrees in Electronic and Electrical Engineering and a doctoral degree in Lasers and Optoelectronics. Dr. Evans subsequently joined The General Electric Company to establish a Laser Engineering business unit. He then became a member of the Academic Staff at Loughborough University to develop research activities in the field of Optoelectronics and lecture in Microelectronics. Dr. Evans left the University in 1994 to establish i2R and has grown a business which has become a respected leader in RFID technology.

"We welcome Dr. Evans and his dedicated team of professionals into SIRIT", commented Michael Briand, President & CEO of SIRIT. "This is an extremely synergistic acquisition that brings to SIRIT a R & D group that is world-class in the RFID industry. In addition, i2R's manufacturing facilities allow us to service an expanding customer base giving us the capability to design, develop and manufacture products in this competitive environment at a speed to market second to none."

Dr. Evans said, "i2R is delighted and excited by this transaction as it brings together the commercial advantage of the integration of two companies that have established themselves in this dynamic and expanding technology sector. In addition, it brings together an excellent mix of technologies and product offerings and along with a more diversified customer base. SIRIT and i2R will now be able to supply products that support various RFID technology platforms, such as 13.56 MHz smart labels and low frequency and ultra high frequency transponders. We will be able to offer our customers the most appropriate solution at the most appropriate frequency."

SIRIT focuses its business on wireless, e-commerce payment solutions and identification systems in the transportation and other industries using radio frequency technology. SIRIT designs, develops and manufactures a range of radio frequency identification products marketed as the IDentity Series including IDentity HandsFree, IDentity Flex and IDentity Title 21. SIRIT is the largest supplier of Title 21 compliant electronic toll collection systems to the United States market.

i2R designs, develops and manufactures OEM readers for a broad range of transponder types. The company has developed sophisticated multi-protocol reader systems that are supplied to blue chip customers for integration into a wide range of RFID applications. i2R is based in Loughborough, England where its in-house research, development and manufacturing capabilities enable the company to supply high volume, cost effective multi-protocol reader solutions around the world.

SIRIT has 34,067,843 common shares outstanding on a fully diluted basis.

Business Services Industry

SIRIT Technologies Inc. Completes its Acquisition of i2R Ltd. A Major Strategic Initiative in the Wireless Market

Business Wire, July 18, 2000

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