TEL AVIV, Israel, July 20 /PRNewswire-FirstCall/ -- RiT Technologies
(NASDAQ: RITT) today announced that its Board of Directors has approved a
one-for-eight reverse split of the Company's outstanding ordinary shares, to
become effective during August 2009.
As previously reported, in December 2007, RiT received a NASDAQ Staff
Deficiency Letter indicating that it did not satisfy NASDAQ's minimum bid
price requirement of $1.00 per share. In light of a general temporary
suspension by NASDAQ of such requirement, RiT currently has until September
21, 2009 to regain compliance with such requirement. In August 2008, the
shareholders of RiT authorized the Board of Directors to implement a reverse
share split at a ratio not to exceed one-for-eight. RiT believes the reverse
share split will enable it to regain compliance with the minimum bid price
requirement and therefore allow the Company to continue to be listed on the
NASDAQ Capital Market. The decision to implement the reverse share split was
made after careful consideration by RiT's Board of Directors of various
factors, including the belief that continued listing on the NASDAQ Capital
Market will enable the Company to have greater access to public capital
markets and will afford the Company's shareholders greater liquidity with
respect to their shareholdings in the Company.
RiT will provide additional details regarding the reverse share split,
including the final effective date thereof, once available.
About RiT Technologies
RiT is a leading provider of intelligent solutions for infrastructure
management, asset management, environment and security, and network
utilization. RiT Enterprise solutions address datacenters, communication
rooms and workspace environments, ensuring maximum utilization, reliability,
decreased downtime, physical security, automated deployment, asset tracking,
and troubleshooting. RiT Environment and Security solutions enable companies
to effectively control their datacenters, communications rooms and remote
physical sites and facilities in real-time, comprehensively and accurately.
RiT Carrier solutions provide carriers with the full array of network
mapping, testing and bandwidth qualification capabilities needed for access
network installation and service provisioning. RiT's field-tested solutions
are delivering value in thousands of installations for top-tier enterprises
and operators throughout the world.
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', 'could' and similar expressions, are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995. For example, when we discuss continued listing on NASDAQ, we are
using a forward looking statement. 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. 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
