TEL AVIV, Israel, July 2, 2012 /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 approximately $4.2 million into 1,146,114 of the Company's ordinary shares at an average price of $3.68 per share.
This transaction is an addition to the previous conversions completed in May 2010, September 2010, March 2011, June 2011 and December 2011, and is being executed under the terms stipulated in the Loan Agreement between RiT and STINS COMAN 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 July 17, 2012. Upon completion, STINS COMAN's holding will rise from approximately 78% to approximately 82% of the Company's voting power.
Commenting on the news, Dr. Vadim Leiderman, RiT's President and CEO, said, "STINS COMAN has been the driving force behind RiT's strategic realignment, shifting our focus to leverage the phenomenal growth of the data center market. We are grateful for their continued demonstration of confidence as we launch our comprehensive multi-year strategic plan with confidence and excitement regarding our long term prospects."About RiT Technologies RiT is a leading provider of comprehensive management solutions for today's mission-critical data centers and communication rooms. Through the deployment of RiT's integrated DCIM (data center infrastructure management), IIM (intelligent infrastructure management), SMART Cabling™ and EPV™ real-time infrastructure management solutions, companies enhance both CAPEX and OPEX, increase their efficiency and improve their automated processes. RiT's field-tested solutions are delivering value in thousands of installations for top-tier enterprises and operators throughout the world. RiT's shares are traded on the Nasdaq exchange under the symbol RITT. http://www.rittech.com Safe Harbor Statement