Internet Stock Profiles| Internet Stock Profiles |
| Sirit Technologies is the leader in the
development of Automatic Vehicle Identification solutions
used to track vehicles on modern electronically monitored
toll highways. Its IDentity line of products control access to parking garages, gated communities, airports, toll highways and other barrier-based situations. Each unit is a small transponder that attaches to the windshield of your car or truck. IDentity Title 21 is the product for high speed toll highways, named after the standard developed by the California Department of Transportation (Caltrans). Sirit has the largest installed base of Title 21 compliant AVI systems in the world. Its products are used in the Orange County toll roads, the San Francisco bridges, California State Route 91, Denver's E-470 toll road and roads in South America and China. In January 2000, Sirit, in conjunction with Transportation Corridor Agencies (TCA) and McDonald's Restaurants, announced the planned testing of Sirit's electronic mobile commerce (m-commerce) solutions under TCA's FASTRAK™ brand name at five selected McDonald's Restaurants in California. The systems were installed in February and March and customers with TCA's transponders are able to have their McDonald's purchases added to their TCA monthly statements. The automobile as credit card - what a concept! In 1998 Sirit made an offer to buy Worldcom's MFS Network Technologies subsidiary, but was beaten out at the last minute by a competing bid from Florida's Able Telcom. Sirit subsequently sued Able alleging fraud and violation of confidentiality agreements in their successful bid for MFS. Sirit has won a US$32.5 million judgment against Able and on July 13, 2000, a settlement was reached. Sirit will get 19.99% of Able's shares and $12.5 million cash. If Able shareholders fail to ratify the share distribution, Sirit will get an additional $20 million in cash instead. The value of the judgment is worth more than the entire value of Sirit's equity as of July 14, 2000. (Judgment = US$32.5 million = CDN$47.67 million vs. 32,500,000 shares X $1.13 = CDN$36.725 million) Financial statements for the quarter ending May 31, 2000 show revenues up 23%. The loss for the quarter was $1,709,746 against a loss of $523,156 the year before. But $1,746,647 of the recent quarter's expenses were legal costs related to the Able lawsuit. Discounting those expenses, the quarter showed a profit of $36,901. Shares Outstanding: 32,500,000
Able Telecom, Sirit Technologies Settle: July 13, 2000 account of the court settlement in Sirit's favour from dbusiness.com. TCA Website - Corporate website for Transportation Corridor Agencies, one of Sirit's largest customers, which operates toll roads in the Los Angeles area. Address: US Address: Phone: 905-940-4404
This page last updated: July 15, 2000 |
Stock Symbol: SIRT (CDN) News: Forums: |