RiT Technologies Closes $7.1M Private Placement

Sep 08, 2004, 01:00 ET from RiT Technologies

    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
      Simona Green, VP Finance      Paul Holm / Jerry Cahn
      +972-3-766-4249                    212-736-9224
      simonag@rit.co.il                  pholm@portfoliopr.com /

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