RiT Technologies shareholder inks agreement with Stins Coman for debt-to-equity conversion transaction.
TELECOMWORLDWIRE-June 19, 2013-RiT Technologies shareholder inks agreement with Stins Coman for debt-to-equity conversion transaction(C)1994-2013 M2 COMMUNICATIONS http://www.m2.com
RiT Technologies (NASDAQ: RITT) said it has entered into a share purchase agreement with Stins Coman Inc., its principal shareholder, under which Stins Coman will convert an outstanding loan in the amount of approximately USD2.0m into 449,738 of the company's ordinary shares at an average price of USD4.46 per share.
This transaction is an addition to the previous conversions completed in June 2010, September 2010, March 2011, June 2011, December 2011, July 2012, December 2012 and March 2013 and is being executed under the terms stipulated in the Loan Agreement between RiT and STINS COMAN, dated June 11, 2009 (as amended). The completion of this transaction is subject to customary conditions, and the issuance of shares is expected to take place on June 27, 2013. Upon completion of this transaction, STINS COMAN's beneficial ownership will increase slightly, from approximately 87.0% to approximately 87.6% of the company's outstanding share capital.
RiT is a provider of intelligent infrastructure management solutions and a developer of a new revolutionary indoor optical wireless technology solution. For more information, visit our website: http://www.rittech.com
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