May 14 2010
RiT Technologies (NASDAQ: RITT) today announced that it is broadening its business to take advantage of new lasers technologies developed in co-operation with STINS COMAN.
RiT intends to leverage these new technologies to launch new product lines, thereby expanding its addressable market significantly.
RiT's first new offering will be a highly accurate laser-based speed camera designed for use by traffic police. The product will by used by officials to instantaneously measure and document the speed of cars in all types of traffic environments in ways that are highly defensible in court. The product's use of advanced innovative optical laser technology will make its measurements much more accurate than those taken by other speed cameras on the market, and will give it greater range. This solution is also useful for other types of enforcement agencies, such as the coast guard and others.
The laser-based speed camera is currently in the final development and certification stage, and is expected to be ready for launch by the beginning of the fourth quarter. To prepare for product rollout, negotiations are already underway with initial customers and potential distributors.
"This product line is the first fruit of a strategic decision we have made to expand our business to address promising new product areas," commented Avi Kovarsky, RiT's President and CEO. "The addition of the laser speed camera to our portfolio will enable us to leverage our extensive international presence, and also our existing commercial relations with governmental organizations. At the same time, we will continue to carry out aggressive marketing efforts to increase sales of our industry-leading IIM and cabling products, which continue to offer strong growth potential. We believe the combination of these two efforts will enable us to achieve a new level of sales, thereby building the Company and creating value for all our shareholders."
Mr. Sergey Anisimov, the Chairman of RiT and the President of STINS COMAN, commented: "We value the potential of the laser speed camera highly. This is a totally unique solution that answers significant market needs. The product's development has involved a fruitful cooperation between STINS COMAN, which contributed investment, core technology know-how and initial analysis of potential markets, and RiT, which is contributing its strong R&D capabilities and experience in developing distribution channels. We believe the result is a differentiated product with excellent sales prospects whose sales will help us achieve our growth targets."
The laser speed camera will be differentiated by two significant advantages: 1) its accuracy over significant distance (including the ability to measure speed from a distance of up to 1 kilometer, and to produce clear license plate images at up to 600 meters); and 2) its ability in a single hand-held machine to reliably measure speed and record an image. Equipped with internal memory, the camera will be able to produce reports with full details of speeding cars. It will also feature a USB port to facilitate downloading of data and software upgrades, as well as a PAL transmitter and antenna to allow for remote transmission.
Source: http://www.rittech.com/