January 15, 2010 (FinancialWire) — Federal Signal Corp. (NYSE: FSS) and Sirit Inc. (TSX: SI) have signed a definitive agreement pursuant to which Federal Signal will acquire all of the issued and outstanding common shares of Sirit for cash consideration of CDN$0.30 per share by way of a court approved plan of arrangement. The transaction has a total equity value of around CDN$49.5 million (or $48.0 million).

The CDN$0.30 per share cash purchase price represents a premium of 37% over Sirit’s 30-day average closing stock price, and a premium of 60% over Sirit’s 60-day average closing stock price.

Canada-based Sirit is a designer, developer and manufacturer of RFID technology for applications such as Tolling, Electronic Vehicle Registration, Parking and Access Control, Asset Management, Cashless Payments and Supply Chain Systems. According to Federal Signal, the combination of Sirit’s RFID technology with Federal Signal’s detection and classification technology, which it acquired in the December 2009 purchase of Diamond Consulting Services, and existing PIPS automated license plate recognition technology, transforms Federal Signal into a leader in Intelligent Transport Systems.

Illinois-based Federal Signal is a designer and manufacturer of safety products and solutions that serve municipal, governmental, industrial and institutional customers.

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