TEL AVIV, Israel, June 15, 2011 /PRNewswire/ --
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 TechnologiesRiT 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.