TEL AVIV, Israel, August 26 /PRNewswire-FirstCall/ -- RiT Technologies
Ltd. (NASDAQ: RITT) announced today that at its Annual General Meeting of
Shareholders held today, all of the items on the agenda for the meeting were
voted upon and duly approved by the Company's shareholders, including, among
others, (1) authorizing the Board of Directors to effect a reverse share
split of all of the Ordinary Shares at a ratio not to exceed one-for-eight;
(2) approving terms and framework of compensation to an employee who is
related to STINS COMAN Incorporated, the controlling shareholder of the
Company; (3) approving a private issuance by the Company of ordinary shares
to STINS COMAN Incorporated; (4) the renewal of a distribution agreement
between the Company and STINS Corp, a subsidiary of STINS COMAN Incorporated;
(5) approving a special bonus payment to Liora Katzenstein, following
termination of her service as director; and (6) approving terms of
compensation to a non-employee director.
About RiT Technologies
RiT is a leading provider of physical network infrastructure control and
management solutions. Deployed in the networks of many of the world's largest
carriers and enterprises, its pioneering, fast-ROI products have proven their
ability to simplify service deployment and provisioning, enhance
troubleshooting accuracy, reduce infrastructure maintenance costs, enhance
physical layer security and enable cost-effective service qualification and
verification.
For more information, please visit our website: http://www.rittech.com
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' 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; our inability to satisfy Nasdaq's requirements for continued
listing, 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 may be required
by applicable law, we are under no obligation, and 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.
Company contact:
Simona Green
VP Finance
+972-3-766-4249
simonag@rit.co.il
SOURCE RiT Technologies Ltd
