RiT Technologies' Principal Shareholder Continues to Support RiT's Strategic
Development Plan With Additional Debt-to-Equity Conversion Transaction
Stins Coman to Convert $2 Million of Loan Amount into Ordinary Shares
TEL AVIV, Israel, June 18, 2013
TEL AVIV, Israel, June 18, 2013 /PRNewswire/ --
RiT Technologies (NASDAQ: RITT) today announced that it has entered into a
Share Purchase Agreement with STINS COMAN Inc., its principal shareholder,
under which STINS COMAN will convert an outstanding loan in the amount of
approximately $2.0 million into 449,738 of the Company's ordinary shares at an
average price of $4.46 per share.
This transaction is an addition to the previous conversions completed in June
2010, September 2010, March 2011, June 2011, December 2011, July 2012,
December 2012 and March 2013 and is being executed under the terms stipulated
in the Loan Agreement between RiT and STINS COMAN, dated June 11, 2009 (as
amended). The completion of this transaction is subject to customary
conditions, and the issuance of shares is expected to take place on June 27,
2013. Upon completion of this transaction, STINS COMAN's beneficial ownership
will increase slightly, from approximately 87.0% to approximately 87.6% of the
Company's outstanding share capital.
Commenting on the news, Dr. Vadim Leiderman, RiT's President and CEO, said,
"We remain grateful to STINS COMAN for their steady and continued support and
their long-term faith in RiT."
About RiT Technologies
RiT is a leading provider of intelligent infrastructure management (IIM)
solutions and a developer of a new revolutionary indoor optical wireless
technology solution. Our IIM products provide and enhance security and network
utilization for data centers, communication rooms and work space environments.
They help companies plan and provision, monitor and troubleshoot their
communications networks, maximizing utilization, reliability and physical
security while minimizing unplanned downtime. RiT's IIM solutions are deployed
around the world, in a broad range of organizations, including: data centers,
enterprises, corporations, government agencies, financial institutions,
airport authorities, healthcare institutions, and education institutions.
RiT's indoor optical wireless technology solution will help our clients
streamline deployment, reduce infrastructure design, installation and
maintenance complexity and enhance security in a cost effective way. RiT's
shares are traded on the Nasdaq exchange under the symbol RITT.
For more information, please visit our website:http://www.rittech.com
Safe Harbor 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.
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.
Elan Yaish, CFO
SOURCE RiT Technologies Ltd
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