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S.i. Systems Ltd. Announces Variation of Issuer Bid

(March 07, 2012)

CALGARY, ALBERTA -- (Marketwire) -- 03/07/12 -- S.i. Systems Ltd. (the "Corporation") announced today a variation and extension of its issuer bid made on January 27, 2011 to purchase common shares in the capital of the Corporation (the "Common Shares") at a price of $2.37 per Common Share payable in cash (the "Original Offer").

The Corporation has varied the Original Offer by increasing the aggregate number of common shares that may be accepted by the Corporation for purchase and cancellation from 421,941 Common Shares (being up to $1,000,000 in value of Common Shares) to 632,911 Common Shares (being up to $1,500,000 in value of Common Shares). The Corporation has also extended the expiry of the Offer from 5:00 p.m. (Calgary time) on March 9, 2012 to 5:00 p.m. (Calgary time) on March 19, 2012, unless further extended, varied or withdrawn by the Corporation.

All other terms and conditions of the Original Offer, as set out in the offer to purchase dated January 27, 2011 and accompanying issuer bid circular, remain unchanged and continue to be applicable in all respects.

The Corporation will mail a notice of variation to all securityholders in connection with this announcement as soon as practicable.

About S.i. Systems Ltd.

The Corporation is a national supplier of on demand professionals. The Corporation provides professionals for contract, contract-to-hire, and permanent placements primarily in the Information Technology and Finance and Accounting industries across Canada.

S.i. Systems Ltd.
Derek Bullen
(403) 630-0163
[email protected]

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