TEL AVIV, Israel, Sept. 8 /PRNewswire-FirstCall/ -- RiT Technologies
(Nasdaq: RITT), the pioneer of intelligent physical layer solutions, today
announced that it has completed the private placement of 5,064,129 of its
ordinary shares to institutional and private investors at an aggregate
purchase price of $7.1 million, or $1.40 per ordinary share. The investors
were also issued warrants exercisable for five years from the closing date to
purchase up to 1,266,032 ordinary shares at an exercise price of $1.75 per
(Logo: http://www.newscom.com/cgi-bin/prnh/20040727/LNTU008LOGO-a )
The proceeds of the private placement will be used for general corporate
The securities offered in the private placement were not registered under
the Securities Act of 1933 as amended (the "Act"), and may not be offered or
sold in the United States absent registration, or an applicable exemption from
registration, under the Act. The Company has filed a registration statement
with the U.S. Securities and Exchange Commission covering the resale of the
ordinary shares issued and the ordinary shares issuable pursuant to the
warrants, subject to certain terms and conditions.
About RiT Technologies
RiT Technologies pioneered the development of intelligent physical layer
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
For more information, please visit our website: http://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 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
COMPANY CONTACT: PORTFOLIO PR CONTACTS:
Simona Green, VP Finance Paul Holm / Jerry Cahn
email@example.com firstname.lastname@example.org /
SOURCE RiT Technologies