TEL AVIV, Israel, September 17, 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 the terms of the agreement, Stins Coman will convert an outstanding $2 million loan into 582,494 of the Company's ordinary shares at an average price of $3.45 per share.
This transaction will be conducted in accordance with the terms of the Loan Agreement between RiT and Stins Coman (dated June 11, 2009, as amended), and similar to previous conversions completed in recent years. The closing of this transaction is subject to customary conditions, with the issuance of shares expected to take place on September 30, 2013. Upon completion of this transaction, Stins Coman will increase its beneficial ownership of the Company's outstanding shares from approximately 86.2% to 87.1%.
Commenting on the agreement, Dr. Vadim Leiderman, RiT's President and CEO, said, "We are grateful to Stins Coman for their steadfast support and long-term commitment to 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.