RiT Technologies Announces New Debt-To-Equity Conversion Transaction With Principal Shareholder, Will Convert $5M Loan In 2.78M Shares At Average Price Of $1.82

RiT Technologies

today announced that it has entered into a Share Purchase Agreement with Stins Coman Inc., its principal shareholder. Under the terms of the agreement, Stins Coman will convert an outstanding $5 million loan (plus accrued interest) into 2,778,088 of the Company's ordinary shares at an average price of $1.82 per share. This transaction will be conducted in accordance with the terms of the Loan Agreement between RiT and Stins Coman (dated June 11, 2009, as amended), and similar to previous conversions completed in recent years. The closing of this transaction is subject to customary conditions, with the issuance of shares expected to take place on September 30, 2014. Upon completion of this transaction, Stins Coman will increase its beneficial ownership of the Company's outstanding shares to 72.9%. Mr. Motti Hania, RiT's President and CEO, commented: "We appreciate Stins Coman's steadfast support and long-term commitment to RiT as we increase our presence in the cabling and DCIM markets."