TEL AVIV, Israel, June 18, 2013 /PRNewswire/ --
RiT Technologies (NASDAQ: RITT) today announced that it has entered into a Share Purchase Agreement with STINS COMAN Inc., its principal shareholder, under which STINS COMAN will convert an outstanding loan in the amount of approximately $2.0 million into 449,738 of the Company's ordinary shares at an average price of $4.46 per share.
This transaction is an addition to the previous conversions completed in June 2010, September 2010, March 2011, June 2011, December 2011, July 2012, December 2012 and March 2013 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 on June 27, 2013. Upon completion of this transaction, STINS COMAN's beneficial ownership will increase slightly, from approximately 87.0% to approximately 87.6% of the Company's outstanding share capital.
Commenting on the news, Dr. Vadim Leiderman, RiT's President and CEO, said, "We remain grateful to STINS COMAN for their steady and continued support and their long-term faith in RiT."About RiT Technologies RiT is a leading provider of intelligent infrastructure management (IIM) solutions and a developer of a new revolutionary indoor optical wireless technology solution. Our IIM products provide and enhance security and network utilization for data centers, communication rooms and work space environments. They help companies plan and provision, monitor and troubleshoot their communications networks, maximizing utilization, reliability and physical security while minimizing unplanned downtime. RiT's IIM solutions are deployed around the world, in a broad range of organizations, including: data centers, enterprises, corporations, government agencies, financial institutions, airport authorities, healthcare institutions, and education institutions. RiT's indoor optical wireless technology solution will help our clients streamline deployment, reduce infrastructure design, installation and maintenance complexity and enhance security in a cost effective way. RiT's shares are traded on the Nasdaq exchange under the symbol RITT.