TEL AVIV, Israel, Dec. 23 /PRNewswire-FirstCall/ -- RiT Technologies
(Nasdaq: RITT) (the "Company") today announced that it is applying to transfer
its shares to the Nasdaq SmallCap Market from the Nasdaq National Market. The
decision follows the Company's receipt of a Nasdaq Staff Determination on
December 15, 2003, indicating that it no longer complies with the
Shareholders' Equity Requirement for continued listing as set forth in
Marketplace Rule 4450(a)(3).
"In today's economy, many companies are facing listing requirement
challenges," said Liam Galin, President and CEO of RiT Technologies. "On the
SmallCap Market, our shares will continue to trade freely and maintain the
same stock symbol. We will continue rebuilding our business, taking advantage
of opportunities in both the Enterprise and Carrier markets, and may reapply
for listing on the Nasdaq National Market in the future."
About RiT Technologies
RiT Technologies pioneered the development of intelligent physical layer
management solutions, designed to provide superior control, utilization and
maintenance of networks. RiT's innovative solutions help customers capitalize
on network investments and reduce cost of ownership.
RiT's Enterprise Solutions include PatchView(TM) for full web-based
management, planning and troubleshooting of network physical layer
connectivity, and SMART Cabling(TM) System components for single-source,
end-to-end structured cabling solutions.
PairView(TM) and PairQ(TM) Carrier Solutions help telcos capitalize on
outside plant investments by giving them reliable, mass-verified and qualified
infrastructure and connectivity databases.
With a global sales network spanning 60 countries, RiT's key customers
include major financial institutions, corporations and global
telecommunications companies such as: Deutsche Telekom, Alcatel, TELMEX,
TELENOR, The New York Mercantile Exchange (NYMEX), ING Barings, INVESCO,
DIAGEO, Daewoo, and Reuters.
RiT is a member of the RAD group, a world leader in communications
solutions. For more information, please visit our website: www.rittech.com
Safe Harbor statement under the Private Securities Litigation Reform Act
of 1995: This release contains forward looking statements that are subject to
risks and uncertainties, including, but not limited to, the impact of
competitive products and pricing, product demand and market acceptance, new
product development, reliance on key strategic alliances, availability of raw
materials, the regulatory environment, fluctuations in operating results and
other risk and other risks detailed from time to time in the Company's filings
with the Securities Exchange Commission.
This press release is available at http://www.rittech.com/ and
Paul Holm/Jerry Cahn
email@example.com / firstname.lastname@example.org
SOURCE RiT Technologies