TEL AVIV, Israel, May 10, 2016 /PRNewswire/ -- RiT
Technologies (NASDAQ: RITT), a leading provider of Converged
Infrastructure Management Solutions, further updated today on its
business situation:
- Collection efforts and cash flow. No
progress in the collection of the RiT CIS overdue debts was
achieved up to now.
The requested loan amount of $US 3
million under the terms of the Loan Agreement between RiT
and STINS COMAN (its controlling shareholder), was not fulfilled up
to now, and there is substantial doubt as to the fulfilment of said
loan request.
- Resignation of director. Due to the
financial difficulties the Company is facing, Mr. Israel Frieder has resigned from RiT's Board of
Directors (and from any sub committees thereof, including the Audit
Committee), effective immediately. Mr. Israel Frieder served as an "External Director"
(as defined in the Israeli Companies Law) and was designated as an
"Independent Director" under NASDAQ Rules.
Due to the recent resignations, the Company's Board of Directors is
currently comprised of two directors: Mr. Sergey Anisimov (director and Chairman of the
Board) and Mr. Hanan Samet. The
Company is making efforts to find suitable replacing directors who
will be duly raised for election.
- Application for Subsidiary Liquidation.
RiT Wireless Ltd., which is the subsidiary company of RiT
Technologies (NASDAQ: RITT), received a formal application
requesting the court to liquidate RiT Wireless Ltd. The application
was filed with the District Court in Tel
Aviv, Israel. The applicant is claiming for an unpaid debt
of NIS 60,355 (approximately
$US 16,000). No hearing date was
scheduled yet by the court (to the Company's knowledge).
"We continue to look for external financing solutions including
potential M&A" commented Yossi Ben
Harosh, President and CEO of RiT Technologies Ltd.
About RiT Technologies
RiT Technologies (NASDAQ: RITT) is a leading provider of
converged IT infrastructure management and connectivity solutions.
RiT offers a platform that provides a unified way to manage
converged systems and services to improve network utilization,
streamline infrastructure operations, reduce network operation
cost, optimize future investments and enhance data security.
RiT's connectivity solution includes IIM - Intelligent
Infrastructure Management, high performance end-to-end structured
cabling solutions.
RiT Technologies' subsidiary RiT Wireless Ltd. produces a range
of optical wireless solutions under the Beamcaster brand, which
provide high speed, highly secure data communications across indoor
open spaces.
Deployed around the world in data centers, large corporations,
government agencies, financial institutions, telecommunications,
airport authorities, healthcare organizations and educational
facilities. RiT's shares are traded on the NASDAQ Capital Market
under the symbol RITT.
Safe Harbor Statement
In this press release, all statements that are not purely
about historical facts, including, but not limited to, those in
which we use the words "believe," "anticipate," "expect," "plan,"
"intend," "estimate", "forecast", "target", "could" and similar
expressions, are forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. While these
forward-looking statements represent our current judgment of what
may happen in the future, actual results may differ materially from
the results expressed or implied by these statements due to
numerous important factors, including, but not limited to, those
described under the heading "Risk Factors" in our most recent
Annual Report filed with the Securities and Exchange Commission
(SEC) on Form 20-F, which may be revised or supplemented in
subsequent reports filed with the SEC. These factors include,
but are not limited to, the following: our ability to raise
additional financing, if required; the continued development of
market trends in directions that benefit our sales; our ability to
maintain and grow our revenues; our dependence upon independent
distributors, representatives and strategic partners; our ability
to develop new products and enhance our existing products; the
availability of third-party components used in our products; the
economic condition of our customers; the impact of government
regulation; and the economic and political situation in
Israel. Except as otherwise required by applicable law, we
expressly disclaim any obligation to update the forward-looking
statements in this press release, whether as a result of new
information, future events or otherwise.
CONTACTS:
Yossi Ben
Harosh, President and CEO
yossibh@rittech.com
+972-77-270-7270
www.RiTTech.com
Logo - http://photos.prnewswire.com/prnh/20151231/318577LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/rit-technologies-updates-on-current-business-situation-300265822.html
SOURCE RiT Technologies