UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 14D-9
(RULE 14d-101)
SOLICITATION/RECOMMENDATION STATEMENT UNDER
SECTION 14(D)(4) OF THE SECURITIES EXCHANGE ACT OF 1934
RiT TECHNOLOGIES LTD.
(Name of Subject Company)
RiT TECHNOLOGIES LTD.
(Name of Person(s) Filing Statement)
Ordinary Shares, NIS
0.1 par value per share
(Title of Class of Securities)
M8215N 10 9
(CUSIP Number of Class of Securities)
Simona Green, Vice President Finance
RiT Technologies Ltd.
24 Raoul Wallenberg Street, Tel Aviv 69719, Israel
(972) 3-645-5151
(Name, address, and telephone numbers of person authorized to receive
notices and communications on behalf of the persons filing statement)
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With copies to:
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Ido Zemach, Adv.
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Mark Selinger, Esq.
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Goldfarb, Levy, Eran, Meiri, Tzafrir & Co.
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McDermott, Will & Emery
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2 Weizmann Street
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50 Rockefeller Plaza
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Tel Aviv 64239, Israel
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New York, NY 10020-1605
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(972) 3-608-9999
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[(212) 547-5400]
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x
Check the box if the filing relates solely to preliminary communications made
before the commencement of a tender offer
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News
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The following press release was
issued by RiT Technologies Ltd. on March 27, 2008:
RiT TECHNOLOGIES
PRINCIPAL SHAREHOLDERS
TO SELL THEIR STAKE IN THE
COMPANY
Purchaser To
Conduct Partial Tender for 5% of RiT
Tel Aviv, Israel March 27,
2008 RiT Technologies (NASDAQ: RITT)
today announced that certain of 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 entered into an agreement for the
sale of their entire shareholdings in the Company to STINS COMAN Incorporated (STINS
COMAN), a Russian corporation headquartered in Moscow, Russia, who has been
RiTs distributor since 1994.
Under the agreement, the selling
shareholders agreed to sell to STINS COMAN all of the 5,122,521 RiT shares held by them
(or their affiliates), representing approximately 34.9% of RiTs outstanding share
capital, for an aggregate purchase price of $4,405,368, or $0.86 per share, to be paid at
closing.
The closing of the transaction, which
is expected to occur in the second quarter of 2008, is subject to customary closing
conditions, including, as required by Israeli law, the completion by STINS COMAN of a
partial tender offer to purchase RiT shares representing at least 5% of the voting power
in RiT at the price of $0.86 per share or 15% above the market price of RiT shares at the
time the offer is published, whichever is higher. The tender offer is expected to commence
in the next few weeks.
In addition, at the closing, the
selling shareholders will grant STINS COMAN a right of first refusal with respect to their
existing warrants to purchase a total of 302,679 RiT shares at an exercise price of $1.75
per share. Under such right of first refusal, STINS COMAN will be entitled to purchase
such warrants at the then current value Black-Scholes Value prior to the exercise
or transfer of such warrants by any of the selling shareholders.
Mr. Sergey N. Anisimov, President of STINS COMAN, stated STINS COMAN welcomes
the opportunity to become a major investor in RiT and has great appreciation for
its talented people and leading technology. We are a committed investor and
business partner that will bring to RiT extensive industry expertise.
Having been RiTs
distributor and business partner in Russia in the past 14 years enabled us to gain a deep
knowledge of RiT business, market, products and innovative technologies. Going forward, we
have confidence that RiT, using the experience and support of our company, has the ability
to strengthen its leadership position and build a positive momentum in this market so as
to capture its growth opportunities, concluded Mr. Anisimov.
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News
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IMPORTANT NOTICE:
THIS ANNOUNCEMENT IS NEITHER AN OFFER
TO PURCHASE NOR A SOLICITATION OF AN OFFER TO SELL SECURITIES. STINS COMAN HAS NOT YET
COMMENCED THE TENDER OFFER DESCRIBED HEREIN. INVESTORS AND SHAREHOLDERS OF RIT ARE
ENCOURAGED TO READ EACH OF THE TENDER OFFER STATEMENT OF STINS COMAN AND THE
SOLICITATION/RECOMMENDATION STATEMENT OF RIT WHEN EACH BECOMES AVAILABLE BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION ABOUT THE TENDER OFFER. INVESTORS AND SHAREHOLDERS MAY
OBTAIN THE TENDER OFFER STATEMENT AND THE SOLICITATION/RECOMMENDATION STATEMENT AND OTHER
FILED DOCUMENTS AT NO CHARGE WHEN THEY ARE AVAILABLE ON THE SECS WEB SITE
(www.sec.gov) AND AT NO CHARGE FROM RIT AND STINS COMAN. RIT SHAREHOLDERS ARE URGED TO
READ THESE MATERIALS, IF AND WHEN THEY BECOME AVAILABLE, CAREFULLY BEFORE MAKING ANY
DECISION WITH RESPECT TO ANY TENDER OFFER.
About RiT Technologies
RiT is a leading provider of physical
network infrastructure control and management solutions. Deployed in the networks of many
of the worlds largest carriers and enterprises, its pioneering, fast-ROI products
have proven their ability to simplify service deployment and provisioning, enhance
troubleshooting accuracy, reduce infrastructure maintenance costs, enhance physical layer
security and enable cost-effective service qualification and verification.
RiT is a member of the RAD group,
a world leader in communications solutions. For more information, please visit our
website:
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 and similar expressions, are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995.
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; risks and uncertainties resulting from the pending sale of approximately 34.9%
of our outstanding share capital by our principal shareholders to an unaffiliated third
party and the potential impact on our operations and strategies; our inability to satisfy
Nasdaqs requirements for continued listing, 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
simonag@rit.co.il
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RiT Technologies Ltd.
24 Raoul Wallenberg St., Tel Aviv 69719, Israel
Tel: +972-3-645-5151 Fax: +972-3-647-4115
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- 3 -
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