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RiT Technologies Carries out $1M Debt-to-Equity Conversion Transaction
Stins Coman, RiT?s Controlling Shareholder, Strengthens RiT?s Capital Structure
TEL AVIV, Israel, June 15, 2011/PRNewswire-FirstCall/ --
RiT Technologies (NASDAQ: RITT) today announced that it has signed a
private Share Purchase Agreement with STINS COMAN Inc. ("STINS COMAN"), its
principal shareholder, under which it will convert an outstanding loan in
the amount of $1,005,339 into 177,006 of the Company's ordinary shares at an
average price of $5.68 per share. This transaction is in addition to the
previous conversions completed in September 2010, May 2010 and in March,
2011, and is being executed under the terms provided in the Loan Agreement
dated June 11, 2009. The completion of this transaction is subject to
customary conditions, and the issuance of shares is expected to take place
on June 30, 2011. Upon completion, STINS COMAN's holding will rise from
approximately 74.14% to approximately 75.15% of the Company's voting power.
"We are grateful to Stins Coman for their ongoing confidence regarding
our future prospects," commented Eran Ayzik, RiT's President and CEO. "Their
financial support gives us the time needed to execute our growth strategy
and we are excited about the progress we have made as evidenced most
recently by the new OEM partnership we established with Samsung Fiber
Optics, and with our new products under development. We are confident in our
ability, over time, to take the Company to the next level."
About RiT Technologies
RiT is a leading provider of intelligent solutions for infrastructure
management, asset management, environment and security, and network
utilization. RiT Enterprise solutions address datacenters, communication
rooms and workspace environments, ensuring maximum utilization, reliability,
decreased downtime, physical security, automated deployment, asset tracking,
and troubleshooting. RiT Carrier solutions provide carriers with the full
array of network mapping, testing and bandwidth qualification capabilities
needed for access network installation and service provisioning. RiT's
field-tested solutions are delivering value in thousands of installations
for top-tier enterprises and operators throughout the world.
SafeHarbor Statement
In this press release, all statements that are not purely about
historical facts, including, but not limited to, those in which we use the
words "believe,""anticipate,""expect,""plan,""intend,""estimate",
"forecast", "target", "could" and similar expressions, are forward-looking
statements within the meaning of the Private Securities Litigation Reform
Act of 1995. For example, when we discuss a field trial which could lead to
a multi-million dollar Carrier deal, we are using a forward looking
statement. While these forward-looking statements represent our current
judgment of what may happen in the future, actual results may differ
materially from the results expressed or implied by these statements due to
numerous important factors, including, but not limited to, those described
under the heading "Risk Factors" in our most recent Annual Report filed with
the Securities and Exchange Commission (SEC) on Form 20-F, which may be
revised or supplemented in subsequent reports filed with the SEC. These
factors include, but are not limited to, the following: our ability to raise
additional financing, if required; the continued development of market
trends in directions that benefit our sales; our ability to maintain and
grow our revenues; our dependence upon independent distributors,
representatives and strategic partners; our ability to develop new products
and enhance our existing products; the availability of third-party
components used in our products; the economic condition of our customers;
the impact of government regulation; and the economic and political
situation in Israel. We are under no obligation, and expressly disclaim any
obligation, to update the forward-looking statements in this press release,
whether as a result of new information, future events or otherwise.
Company Contact:
Moti Antebi
CFO
+972-3-766-4249
motia@rit.co.il
Source: RiT Technologies Ltd
.
RiT Technologies Carries out $1M Debt-to-Equity Conversion Transaction
Stins Coman, RiT?s Controlling Shareholder, Strengthens RiT?s Capital Structure
TEL AVIV, Israel, June 15, 2011/PRNewswire-FirstCall/ --
RiT Technologies (NASDAQ: RITT) today announced that it has signed a
private Share Purchase Agreement with STINS COMAN Inc. ("STINS COMAN"), its
principal shareholder, under which it will convert an outstanding loan in
the amount of $1,005,339 into 177,006 of the Company's ordinary shares at an
average price of $5.68 per share. This transaction is in addition to the
previous conversions completed in September 2010, May 2010 and in March,
2011, and is being executed under the terms provided in the Loan Agreement
dated June 11, 2009. The completion of this transaction is subject to
customary conditions, and the issuance of shares is expected to take place
on June 30, 2011. Upon completion, STINS COMAN's holding will rise from
approximately 74.14% to approximately 75.15% of the Company's voting power.
"We are grateful to Stins Coman for their ongoing confidence regarding
our future prospects," commented Eran Ayzik, RiT's President and CEO. "Their
financial support gives us the time needed to execute our growth strategy
and we are excited about the progress we have made as evidenced most
recently by the new OEM partnership we established with Samsung Fiber
Optics, and with our new products under development. We are confident in our
ability, over time, to take the Company to the next level."
About RiT Technologies
RiT is a leading provider of intelligent solutions for infrastructure
management, asset management, environment and security, and network
utilization. RiT Enterprise solutions address datacenters, communication
rooms and workspace environments, ensuring maximum utilization, reliability,
decreased downtime, physical security, automated deployment, asset tracking,
and troubleshooting. RiT Carrier solutions provide carriers with the full
array of network mapping, testing and bandwidth qualification capabilities
needed for access network installation and service provisioning. RiT's
field-tested solutions are delivering value in thousands of installations
for top-tier enterprises and operators throughout the world.
SafeHarbor Statement
In this press release, all statements that are not purely about
historical facts, including, but not limited to, those in which we use the
words "believe,""anticipate,""expect,""plan,""intend,""estimate",
"forecast", "target", "could" and similar expressions, are forward-looking
statements within the meaning of the Private Securities Litigation Reform
Act of 1995. For example, when we discuss a field trial which could lead to
a multi-million dollar Carrier deal, we are using a forward looking
statement. While these forward-looking statements represent our current
judgment of what may happen in the future, actual results may differ
materially from the results expressed or implied by these statements due to
numerous important factors, including, but not limited to, those described
under the heading "Risk Factors" in our most recent Annual Report filed with
the Securities and Exchange Commission (SEC) on Form 20-F, which may be
revised or supplemented in subsequent reports filed with the SEC. These
factors include, but are not limited to, the following: our ability to raise
additional financing, if required; the continued development of market
trends in directions that benefit our sales; our ability to maintain and
grow our revenues; our dependence upon independent distributors,
representatives and strategic partners; our ability to develop new products
and enhance our existing products; the availability of third-party
components used in our products; the economic condition of our customers;
the impact of government regulation; and the economic and political
situation in Israel. We are under no obligation, and expressly disclaim any
obligation, to update the forward-looking statements in this press release,
whether as a result of new information, future events or otherwise.
Company Contact:
Moti Antebi
CFO
+972-3-766-4249
motia@rit.co.il
Source: RiT Technologies Ltd
.