UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
As of March 17, 2016
Commission File Number 000-29360
RiT TECHNOLOGIES LTD.
(Translation of registrant's name into English)
24 Raoul Wallenberg Street, Tel Aviv 69719, Israel
(Address of principal executive offices)
_____________________
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F S Form 40-F £
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): £
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): £
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This Report on Form 6-K is hereby incorporated by reference into the Registrant's Registration Statements on Form S-8 (File Nos. 333-90750, 333-117646, 333-141680, 333-169241 and 333-200999) and Form F-3 (File Nos. 333-183566 and 333-190443), to be a part thereof from the date on which this report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.
CONTENTS
This Form 6-K consists of the following:
PART I: CHANGES IN BOARD OF DIRECTORS
The Company hereby reports the following changes in its Board of directors:
Mrs. Galia Druker has notified the Company of her immediate resignation from the Board of Directors of the Company (and from any subcommittee thereof) effective immediately, due to the current financial difficulties the Company is facing.
Mrs. Galia Druker has served as an "External Director" (as defined in the Israeli Companies Law) and was designated as “Independent Director” under NASDAQ Marketplace Rules. As such, Mrs. Galia Druker was a member of the Company's Audit Committee and Compensation Committee, in addition to serving in the Board of directors.
Prior to the aforesaid, Mr. Boris Granovsky has notified the Company of his resignation from the Board of Directors of the Company due to personal reasons. Mr. Boris Granovsky was a director proposed by Stins Coman Incorporated (the Company's controlling shareholder).
Due to the above resignations, the Company's Board of Directors is currently comprised of three directors: Mr. Sergey Anisimov (director and Chairman of the Board), Mr. Israel Frieder and Mr. Hanan Samet.
The Company is making efforts to find suitable replacing directors who will be duly raised for election by the Company's shareholders.
PART II: ADDITIONAL PRESS RELEASES
This part II consists of the following documents:
Press release dated March 14, 2016: RiT Technologies updates on current cash flow status
A copy of the press release is attached as Exhibit 99.1 to this Form 6-K.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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RiT TECHNOLOGIES LTD.
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Date: March 17, 2016
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By:
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/s/ Amit Mantsur |
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Amit Mantsur, CFO
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EXHIBIT INDEX
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Description of Exhibit
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99.1
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Press release dated March 14, 2016: RiT Technologies updates on current cash flow status
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Page 3 of 3
Exhibit 99.1
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RiT Technologies Ltd.
24 Raoul Wallenberg St.
Tel Aviv, 69719, Israel
Tel: +972-77-2707270
Fax: +972-3-6474115
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RIT TECHNOLOGIES UPDATES ON CURRENT CASH FLOW STATUS
-RiT expects relief by the beginning of April 2016
Tel Aviv, Israel – March 14, 2016 – RiT Technologies (NASDAQ: RITT), a leading provider of Converged Infrastructure Management Solutions, announced today a warning of its current negative cash flow status. This follows the previous 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.
Given the situation, the Company initiated a plan that includes:
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Major expenses reduction, including layoffs of employees as part of our recovery plan.
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Increased collection efforts of the overdue debts. Such efforts did not result in satisfactory outcome yet but we anticipate a collection progress to start recovering the debts by end of March 2016.
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The company also requested an additional loan amount of $3 million under the terms of the Loan Agreement between RiT and STINS COMAN (its controlling shareholder), dated June 11, 2009 (as amended). Such request was not fulfilled yet however the company expects to receive the aforesaid loan amount by the beginning of April 2016 (based on STINS COMAN notification).
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"We are facing substantial financial difficulties currently. However, we expect receiving funds from STINS COMAN and RiT CIS by the beginning of April 2016 thereby relieving our difficulties and enabling us to succeed in our anticipated recovery plan. In parallel we keep looking for financing in few possible models and we continue our collection efforts and the reduction of our expenses" commented Mr. Yossi Ben Harosh, President and CEO of RiT Technologies Ltd.
“We are committed to support RiT recovery plan and we trust the Company to get back to normal operations ASAP. We appreciate the support we get from our strategic vendors” commented Mr. Sergey Anisimov, Chairman of the Board 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.
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RiT Technologies Ltd.
24 Raoul Wallenberg St.
Tel Aviv, 69719, Israel
Tel: +972-77-2707270
Fax: +972-3-6474115
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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 the expectation to receive funds from STINS COMAN and RiT CIS by the beginning of April 2016 and/or our anticipated recovery plan, we are using forward-looking statements. 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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