RiT Technologies announced that its principal shareholders, Yehuda Zisapel, the Chairman of the Board of Directors of the Company and its co-founder, Zohar Zisapel, the brother of Mr. Yehuda Zisapel, and Dr. Meir Barel, a director of the Company, informed RiT that they completed the sale of all of the 5,122,521 RiT shares held by them (or their affiliates), representing approximately 34.9% of RiT's outstanding share capital, to STINS COMAN Incorporated ("STINS COMAN"), a Russian corporation headquartered in Moscow, Russia, who has been RiT's distributor since 1994. The shares were acquired for an aggregate purchase price of US$4,405,368, or US$0.86 per share.

    RiT also announced that STINS COMAN informed RiT that it successfully completed its previously announced partial tender offer for RiT shares, such that it will acquire a total of 1,027,815 RiT shares validly tendered in the offer, representing approximately 7.0% of RiT's outstanding share capital, at US$0.86 per share, net to the seller in cash. After payment for the shares tendered in the offer and accepted for payment, STINS COMAN will beneficially own 6,150,336 RiT shares, representing approximately 41.9% of RiT's outstanding share capital.

    In connection with the completion of the said transactions, Messrs. Yehuda Zisapel and Meir Barel resigned from the Board of Directors of the Company. Messrs. Sergey Anisimov and Boris Granovsky joined the Board of Directors. Mr. Sergey Anisimov, president and founder of STINS COMAN since 1992, was appointed Chairman of the Board of Directors, replacing Yehuda Zisapel who served as Chairman since 1989.

    RiT announced that Mr. Avi Kovarsky has been appointed as CEO of RiT, replacing Mr. Doron Zinger, effective as of July 1, 2008. Mr. Kovarsky, formerly a Senior VP Sales in RiT, has served in various managerial positions in RiT from 1997 to 2007. The Audit Committee and Board of Directors of RiT have also determined, subject to the approval of RiT's shareholders as required by Israeli law, to appoint Mr. Kovarsky as a director of RiT and to approve the terms of his compensation as CEO. The Company intends to convene a shareholder meeting for this purpose in the coming weeks.

    RiT's datacenter solutions make it easier - and less costly - to manage a datacenter efficiently, giving users the tools they need to plan the datacenter and keep it running smoothly while optimizing resources.  Datacenter management in today’s dynamic environment is complex and requires an integrated answer to numerous challenges. The datacenter staff’s top priority is to provide continuous high-quality performance, and to assure the security of data and equipment.

    Different workspace environments share similar needs: uninterrupted service, quick and flexible provisioning, efficient asset management, effective fault management and robust performance. Designed with these challenges in mind,  RiT's Workspace Solution is a comprehensive network and infrastructure management solution serving the organization at every stage of the operation - from planning through installation & implementation and on to network maintenance and monitoring.