RiT Technologies (RITT) Announces 12 Month Extension on Convertible Loan Agreement, $4M Increace

RiT Technologies (NASDAQ: RITT) and Stins Coman Inc., RiT's controlling shareholder, today announced that they have extended the term of their convertible loan agreement by an additional 12 months (until June 11, 2013), and increased the maximum loan amount by $4 million to a total of $14 million. Until the end of the agreement period, RiT may call for any unused portion of the loan, which, after the current increase of the maximum loan amount, totals $5.2 million. The remaining provisions of the Loan Agreement are left unchanged.

Commenting on the news, Eran Ayzik, RiT's President and CEO, said, "The extension of the Loan Agreement demonstrates Stins Coman's confidence in RiT's significant long term potential. RiT is currently in the process of building out its global sales and marketing capabilities while also expanding its product portfolios. We believe these investments will take the company to a new level of sales and profits, resulting in the creation of value for RiT's customers and shareholders."

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