Boston, MA 08/15/2014 (wallstreetpr) – The past few months have been quite favorable for RiT Technologies Ltd. (NASDAQ:RITT). The latest announcement made by the company proves the fact true. According to reports, Stins Coman has increased the limit of convertible loan agreement from $35 million to $45 million.
Details About The Announcement:
Stins Coman is the largest shareholder of RiT Technologies Ltd. (NASDAQ:RITT). It has increased not only the amount limit of the convertible loan amount, but also the terms of the loan. Reports claim that the duration of the loan has been extended by 12 months (approximately). The new term of the convertible loan will now be December 31, 2016. Now RITT has a chance to call for any unused amount of loan on or before December 31, 2016. After the increased cap of the loan, the total unused amount that RiT Technologies Ltd. (NASDAQ:RITT) can use is around $16.1 million.
So far the company has not changed any other T&C of the loan agreement. The management thinks that there will be a requirement of the additional amount for various product development initiatives like Beamcaster wireless communication solution, DCIM and IIM solutions, etc. Other than these product development initiatives, it will also require cash for increasing sales activities in various growing markets such as China and India.
RITT offered PatchView+ recently which has got an excellent response from the public. The new PatchView+ along with the existing next-generation IIM solution will prove to be the best alternative to control the physical layer of any data center completely. Beamcaster wireless communication solution can bring several benefits of fiber to the desk through a secured wireless connection. It will take the security level on the next level in next few years time. The management of RITT seems extremely confident about all these developments and hope for more such developments in the future. On the basis of current portfolio of advanced network solutions, RiT Technologies Ltd. (NASDAQ:RITT) is set to become the top notched service provider in the field of network infrastructure for corporate network environment and data centers.
