This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

RiT Continues Realigning Process To Position It For Future Growth: Announces Product Mix, Financing And Team Changes

TEL AVIV, Israel, December 13, 2012 /PRNewswire/ --

RiT Technologies (NASDAQ: RITT) today announced that it has recently taken additional steps for realigning the Company and better position it for the planned achievement of  growth and profitability in the future.

  • Discontinuation of legacy Carrier product line: With the goal of focusing the Company's resources fully on the development, sales and marketing of its high-potential IIM (Intelligent Infrastructure Management) and IWON (Indoor Wireless Optical Network) product lines, the Company has discontinued its legacy Carrier product line. As a result, the Company will record an inventory write-off totaling approximately $0.75 million in its fourth quarter financial results.
  • Strengthening of capital structure through debt-to-equity conversion transaction: With the goal of strengthening the Company's capital structure, STINS COMAN Inc., ("STINS COMAN"), The Company's principal shareholder, has signed with the Company a private Share Purchase Agreement for  converting an outstanding loan in the amount of approximately $3.8 million into 1,119,743 of the Company's ordinary shares at an approximate average price of $3.42 per share. This transaction is an addition to the previous conversions completed and announced in the past 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 in the end of December 2012. Upon completion, STINS COMAN's holding will rise to approximately 85% of the Company's voting power.
  • Appointment of Elan Yaish as new CFO following resignation of Eli Gendler: Following the resignation of Mr. Eli Gendler, RiT's CFO, the Company has appointed Mr. Elan Yaish as its new CFO. A veteran financial professional, since 2006 Mr. Yaish has provided business, management and financial advisory services as an independent consultant to leading publicly-traded and privately-held companies, while also serving from 2010 to 2012 as CFO of Goji Ltd. Previously, Mr. Yaish served in a number of senior financial roles, including as CFO and VP Finance of Manchester Technologies, Inc., Assistant VP Finance of Comverse Technology, Inc. and VP Finance and Controller of Trans-Resources, Inc. Mr. Yaish began his career at Deloitte & Touche LLP. He is a licensed CPA in New York and a member of the AICPA and NYSSCPA.

Commenting on the news, Dr. Vadim Leiderman, RiT's President and CEO, said, "These important steps are additional incremental steps for returning the Company to growth and profitability expected in the future and based on totally unique, high-potential existing/in development product lines.

"I would like to take this opportunity to thank Eli Gendler for his services as CFO and to wish him well in his future endeavors, while also welcoming Elan Yaish, a qualified and experienced senior financial executive, to the RiT team. In addition, as so many times before, I would like to express our gratitude to STINS COMAN, the driving force behind RiT's, who is supporting our shift to address the phenomenal worldwide networking markets. We are grateful for their continued confidence as we move forward with our plans."

About RiT Technologies

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,083.80 -2.83 -0.02%
S&P 500 1,987.98 +0.97 0.05%
NASDAQ 4,472.1080 -1.5890 -0.04%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs