TEL AVIV, Israel, April 21, 2016 /PRNewswire/ -- RiT
Technologies (NASDAQ: RITT), a leading provider of Converged
Infrastructure Management Solutions, announced today that:
The Company received an additional
(third) NASDAQ staff deficiency letter dated April 12, 2016 (the "Letter"), stating that the
Company no longer complies with NASDAQ's audit committee
composition requirements, under NASDAQ Listing Rule 5605, due to
the resignation of Mrs. Galia Druker
from RiT's Board of Directors (and from its sub-committees,
including the Audit Committee).
Mrs. Galia
Druker served as an "External Director" (as defined in the
Israeli Companies Law) and was designated as an "Independent
Director" under NASDAQ Rules.
The Letter stated however that,
under NASDAQ Rules the Company was provided with a cure period in
order to regain compliance as follows:
" • until the earlier of
the Company's next annual shareholders' meeting or March 17, 2017;
or
• if the next annual shareholders' meeting is held before
September 13, 2016, then the Company
must evidence compliance no later than September 13, 2016."
About RiT Technologies
RiT Technologies (NASDAQ:
RITT) is a leading provider of converged IT infrastructure
management and connectivity solutions. RiT offers a platform that
provides a unified way to manage converged systems and services to
improve network utilization, streamline infrastructure operations,
reduce network operation cost, optimize future investments and
enhance data security.
RiT's connectivity solution includes IIM - Intelligent
Infrastructure Management, high performance end-to-end structured
cabling solutions.
RiT Technologies' subsidiary RiT Wireless Ltd. produces a range
of optical wireless solutions under the Beamcaster brand, which
provide high speed, highly secure data communications across indoor
open spaces.
Deployed around the world in data centers, large corporations,
government agencies, financial institutions, telecommunications,
airport authorities, healthcare organizations and educational
facilities. RiT's shares are traded on the NASDAQ Capital Market
under the symbol RITT.
CONTACTS:
Yossi Ben
Harosh, President and CEO
yossibh@rittech.com
www.rittech.com
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SOURCE RiT Technologies