TEL AVIV, Israel, July 12, 2012 /PRNewswire/ --
RiT Technologies (NASDAQ: RITT), today announced its financial results for the first quarter ended March 31, 2012. Revenues for the period totaled $1.4 million, compared with $3.2 million for the first quarter of 2011. Net loss for the quarter was $2.8 million ( $0.54 per share on a basic and diluted basis), compared with $1.0 million ( $0.24 per share on a basic and diluted basis) for the first quarter of 2011. As reported on July 2, 2012, on July 17, 2012 the Company will complete a debt-to-equity conversion with Stins Coman that will increase our shareholders’ equity to approximately $6.4 million.
Changes in Management Team
The Company has appointed a new CFO, Mr. Eli Gendler and a new VP Sales, Mr. Hadar Tal, thereby completing the configuration of its new management team. Mr. Gendler, a CPA, comes to RiT with over a decade of experience in global high tech companies, including serving as CFO of Vocaltec (Nasdaq:CALL) and Cimatron (Nasdaq:CIMT). Prior to joining RiT, Mr. Tal served in a variety of sales management positions for WebTView, Surf Communications Solutions, Marvell Semiconductors (Nasdaq: MRVL), Alcatel-Lucent Technologies (Euronext Paris and NYSE: ALU) and AVAYA.Comments of Management Dr. Vadim Leiderman, RiT's new President and CEO, commented, "In May, our Board of Directors approved a multi-year strategic plan. Stins Coman, our controlling shareholder, continues to provide us confidently with the funding we need to support our turnaround activities and ongoing operations. The results that we have reported for the first quarter of 2012 confirm the need to rebuild our strategy to take full advantage of our superior technologies and excellent platform products for the fast-growing DCIM ( Data Center Infrastructure Management) and IIM (Intelligent Infrastructure Management) markets. "We have begun reorganizing the Company and will continue throughout 2012, while also investing in our sales capabilities and focused product development. In parallel, we will continue to expand and enhance our IIM and DCIM offerings while building important new partnerships, especially in the Far East." Dr. Leiderman continued, "To execute our new strategy, we have created a highly-qualified new management team and provided them with clear objectives and incentives. With the right people, differentiating technologies and superb product offerings basis, we are confident regarding our ability to turn the Company around and to create significant value for our shareholders."