RiT Technologies Regains Compliance With NASDAQ Bid Price Rule
September 23 2009 - 8:00AM
PR Newswire (US)
TEL AVIV, Israel, September 23 /PRNewswire-FirstCall/ -- RiT
Technologies (NASDAQ:RITT) today announced that the NASDAQ Hearings
Panel, following the Company's regaining of compliance with the
minimum bid price requirement of $1.00 per share, has determined to
continue the listing of RiT shares on the NASDAQ Capital Market. To
achieve compliance, the Company effected a one-for-eight reverse
share split of its outstanding Ordinary Shares on August 24, 2009,
decreasing the number of its authorized Ordinary Shares to
4,997,471.2 and the number of its Ordinary Shares outstanding to
approximately 2,604,428. For a period of 20 trading days, the
Company's NASDAQ symbol was changed to RITTD, and returned to RITT
on September 22, 2009. 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
DATASOURCE: RiT Technologies Ltd CONTACT: Company Contact: Simona
Green, VP Finance, +972-3-766-4249,
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