Sirit and 3M Sign Cooperative Marketing Agreement
March 25 — Sirit Inc. ("Sirit") (TSX: SI), a leading provider of radio frequency identification ("RFID") technology, announced it has signed a cooperative marketing agreement ("CMA") with 3M's Traffic Safety Systems Division. The CMA is a global distribution agreement to offer RFID reader and tag technology based on open architecture protocols to support comprehensive solutions developed for the transportation market.
3M, a St. Paul, Minnesota-based company, is a leading supplier of materials and systems to departments of motor vehicles and ministries of transportation around the world. The partnership immediately facilitates Sirit's efforts to penetrate the transportation marketplace and makes the IDentity 5100 reader and transponder solution easily accessible to transportation agencies who look to 3M for trusted traffic technology solutions.
"We are extremely excited to partner with 3M to meet the needs of transportation agencies around the world and particularly to address the rapidly emerging EVR marketplace," said John Freund, Vice President AVI Solutions, Sirit Inc. "As a trusted and premier global traffic solutions provider, 3M offers customers the opportunity to purchase products which have been rigorously tested and approved to the highest quality standards."
Freund adds that, "this partnership exposes Sirit and our IDentity brand to 3M's elite global audience. Customers who have enjoyed a long-standing and supportive relationship with 3M can now rely on them for an expanded suite of transportation solutions including electronic tolling, vehicle emissions testing and proof of insurance compliance as well as EVR."
The companies anticipate jointly targeting transportation markets in the Americas, Asia Pacific and Europe where the addressable registered vehicle opportunities are in excess of half a billion.
According to Terry Griffith, 3M's International Marketing Manager, Traffic Safety Systems Division, Vehicle Registration Systems Business, the CMA is another example of 3M's continued focus on delivering the latest, most innovative technology solutions and products to its traffic and transportation customer base. The relationship enables 3M's 70 plus subsidiaries to offer their customers attractive solutions that solve a variety of critical challenges facing these agencies.
"After extensively testing other available RFID products, we are very pleased to add Sirit's innovative products to our portfolio," Terry Griffith added. "We believe this partnership will benefit our customers by offering RFID solutions that are based on open standard technology, as well as bringing additional RFID expertise to our projects through Sirit's highly experienced technical team."
"While our initial focus will be targeted at worldwide EVR opportunities, Sirit's IDentity 5100 is a versatile solution which can be applied to many transportation applications," continued Freund. "Industry estimates suggest that a significant number of vehicles are not properly maintained or insured, impacting the environment, public safety and agency revenue. Applying the IDentity 5100 solution, agencies can implement compliance programs which can combat these issues in a meaningful way."
About 3M Traffic Safety Systems Division
The 3M Traffic Safety Systems Division has been a world leader in transportation safety products and systems for nearly 70 years. The division employs advanced technologies to enhance roadway safety, efficiency and traffic management through signing, pavement marking and vehicle registration solutions. Information on the full line of 3M transportation safety products and systems is available at www.3M.com/tss.
About 3M - A Global, Diversified Technology Company
Every day, 3M people find new ways to make amazing things happen. Wherever they are, whatever they do, the company's customers know they can rely on 3M to help make their lives better. 3M's brands include Scotch, Post-it, Scotchgard, Thinsulate, Scotch-Brite, Filtrete, Command and Vikuiti. Serving customers in more than 200 countries around the world, the people of 3M use their expertise, technologies and global strength to lead in major markets including consumer and office; display and graphics; electronics and telecommunications; safety, security and protection services; health care; industrial and transportation. For more information, including the latest product and technology news, visit www.3M.com.
About Sirit Inc.
Sirit Inc. (TSX: SI) is a leading provider of Radio Frequency Identification (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 14 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.