[06/22/09]
Sirit Inc., a global provider of radio frequency identification ("RFID") technology, announces that it has signed with Silicon Valley Bank, a premier commercial bank for technology companies, to increase its borrowing capacity to a maximum of US$2.5 million.
"We are very pleased to be working with one of the most stable and top technology banks in the US," stated Anastasia Chodarcewicz, CFO, Sirit Inc. "With Silicon Valley Bank we have increased our current borrowing capabilities, even in these tough economic times, by over US$1 million as Sirit anticipates growth and looks to Silicon Valley Bank to assist with our future banking needs."
"SVB is proud to work with Sirit," said Dave Rodriguez of Silicon Valley Bank. "We are committed to the Company's success and to providing the financial solutions it needs to pursue its plans for growth."
About Sirit Inc.
Sirit Inc. (TSX: SI) is a leading provider of RFID technology worldwide. Harnessing the power of Sirit's enabling-RFID technology, customers are able to more rapidly bring high quality RFID solutions to the market with reduced initial engineering costs. Sirit's products are built on more than 15 years of RF domain expertise addressing multiple frequencies (LF/HF/UHF), multiple protocols and are compliant with global standards. Sirit's broad portfolio of products and capabilities can be customized to address new and traditional RFID market applications including Supply Chain & Logistics, Cashless Payment (including Electronic Tolling), Access Control, Automatic Vehicle Identification, Near Field Communications, Inventory Control & Management, Asset Tracking and Product Authentication. For more information, visit www.sirit.com.
About Silicon Valley Bank
Silicon Valley Bank is the premier commercial bank for companies in the technology, life science, venture capital/private equity and premium wine industries. SVB provides a comprehensive suite of financing solutions, treasury management, corporate investment and international banking services to its clients worldwide. Through its focus on specialized markets and extensive knowledge of the people and business issues driving them, Silicon Valley Bank provides a level of service and partnership that measurably impacts its clients' success. Founded in 1983 and headquartered in Santa Clara, Calif., the company serves clients around the world through 27 U.S. offices and international operations in China, India, Israel and the United Kingdom. Silicon Valley Bank is a member of global financial services firm SVB Financial Group, with SVB Analytics, SVB Capital, SVB Global and SVB Private Client Services. More information on the company can be found at www.svb.com.
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