TEL AVIV, Israel, April 20, 2016 /PRNewswire/ -- RiT Technologies
(NASDAQ: RITT), a leading provider of Converged Infrastructure
Management Solutions, further updated today on its current negative
cash flow status (following previous press releases, including the
press release dated February 11,
2016, in which the Company announced collection problems
from its distributor in Russia and
CIS due to the financial situation in that region).
- The collection progress of the RiT CIS overdue debts is
significantly lower than planned.
- The requested loan amount of 3 million
USD under the terms of the Loan Agreement between RiT and
STINS COMAN (its controlling shareholder), was not fulfilled up to
now.
Due to the financial difficulties the Company is facing and the
foregoing circumstances, RiT's CFO, Mr. Amit Mantsur, has decided to resign, one month
prior to the original agreed plan, effective immediately.
"We continue to look for financing in few possible models
including potential M&A," commented Yossi Ben Harosh, President and CEO of RiT
Technologies Ltd.
About RiT Technologies
RiT Technologies (NASDAQ: RITT)
is a leading provider of converged IT infrastructure management and
connectivity solutions. RiT offers a platform that provides a
unified way to manage converged systems and services to improve
network utilization, streamline infrastructure operations, reduce
network operation cost, optimize future investments and enhance
data security.
RiT's connectivity solution includes IIM - Intelligent
Infrastructure Management, high performance end-to-end structured
cabling solutions.
RiT Technologies' subsidiary RiT Wireless Ltd. produces a range
of optical wireless solutions under the Beamcaster brand, which
provide high speed, highly secure data communications across indoor
open spaces.
Deployed around the world in data centers, large corporations,
government agencies, financial institutions, telecommunications,
airport authorities, healthcare organizations and educational
facilities. RiT's shares are traded on the NASDAQ Capital Market
under the symbol RITT.
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.. 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. Except as otherwise required by
applicable law, we 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.
CONTACTS:
Yossi Ben Harosh, President and
CEO
yossibh@rittech.com
www.RiTTech.com
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SOURCE RiT Technologies
