Globe Investor, Friday, November 7th, 2003.

SIRIT partners with J.L Albright Venture Partners, a well recognized strategic investor, to capitalize on the impending revolution in supply chain management using Radio Frequency Identification (RFID) technology and the Electronic Product Code (ePC).

SIRIT Inc. ("SIRIT") is pleased to announce that it has entered into an agreement with J.L. Albright III Venture Fund ("J.L. Albright") pursuant to which they have agreed to purchase, on a private placement basis, 26,666,667 SIRIT common shares at a price of $0.30 per share, for aggregate gross proceeds to SIRIT of $8 million. SIRIT intends to use the proceeds to fund its accelerating momentum as a leading RFID supplier in the rapidly evolving supply chain marketplace.

William Staudt, Chairman and CEO of SIRIT, commented "The recent developments in RFID, in particular within the supply chain network with announcements from Wal-Mart and the United States Department of Defense, have provided SIRIT with a unique opportunity to accelerate the adoption of our business plan for growth. This financing will allow SIRIT to implement an aggressive product roll-out strategy based on SIRIT's core reference architectures in UHF technology. With 10 years of experience in UHF technology SIRIT, as one of the largest suppliers of RFID readers, is well positioned to deliver on the vision of supply chain visibility and optimization envisioned through the adoption of Electronic Product Code (ePC) technology. J.L. Albright's focus as a strategic investor and partner will be a tremendous asset as we move forward. The Albright team brings years of operational experience, technical talent, and an excellent track record of supporting portfolio companies for long term success."

"We are very pleased to be a financial partner of SIRIT," said Rick Segal, Partner of J.L. Albright Venture Partners. "We believe the RFID market is poised for significant growth. Our extensive research and review of a number of opportunities convinced us that SIRIT is well positioned to be a leader in this rapidly evolving space. As a member of the board of directors, I look forward to a long and supportive relationship with the Company."

SIRIT plans to complete the private placement in two tranches with the first tranche comprising the issue and sale of 9,732,687 SIRIT common shares scheduled to close on or about November 24, 2003. The sale of the balance of 16,933,980 SIRIT common shares is scheduled to occur following receipt of the requisite approval of SIRIT shareholders. A special meeting of SIRIT shareholders will be held on December 29, 2003.

SIRIT is a "qualifying issuer" under Multilateral Instrument 45-102 of the Canadian Securities Administrators and the SIRIT common shares to be issued and sold to J.L. Albright will be subject to a four month restricted period.

SIRIT has granted J.L. Albright the right to appoint one member to the SIRIT board effective at the closing of the first tranche and has agreed to put forth such nominee for election at each annual meeting of SIRIT shareholders so long as J.L. Albright continues to own at least 10% of the SIRIT common shares.

Completion of the private placement is subject to receipt of all required regulatory and other approvals, including the approval of the Toronto Stock Exchange. Upon completion of the private placement, an aggregate of 88,060,931 common shares of SIRIT will be issued and outstanding.