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