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May 14, 2014
09:13 EDTWPCSWPCS International signs non-binding LOI to sell stakein China JV for $2.1M
WPCS International announced that the company has signed a non-binding letter of intent, or LOI, to sell its 60% majority ownership interest in Taian AGS Pipeline Construction Co., to AIC Investments, in an all-cash transaction valued at $2.1M. The consummation of this transaction is subject to a number of conditions, including, but not limited to, completion of due diligence by AIC, the negotiation and execution of a definitive purchase agreement, third party governmental and regulatory consents, approval of the board of directors from the company and AIC, shareholder approval of the company and approval from holders of senior secured debt of the company. Sebastian Giordano, Interim CEO, commented, "While we value our long-standing relationship with our joint venture partner, we are very pleased to enter into this LOI to sell our position in our China Operations. We expect that this divestiture will net the company approximately $1.8M in cash upon closing. Together with the expected sale of our Seattle operations, these transactions would provide the company with almost $4M in working capital. As part of our ongoing restructuring, management has aggressively pursued monetizing certain of its non-core assets in an effort to provide additional working capital necessary for bolstering our profitable Suisun City contracting operation and for fueling the growth of our BTX Trader, LLC line of business. We remain focused on this new initiative and are encouraged by the growth we are witnessing in the digital currency industry as its global acceptance continues to expand."
News For WPCS From The Last 14 Days
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October 8, 2015
09:11 EDTWPCSWPCS International sees sufficient cash, liquidity for next twelve months
WPCS International issued a stockholder update following its September 29 Annual Stockholder Meeting, summarizing the company's improved financial condition, as it transitions from completing a successful restructuring plan to implementing a value-enhancing growth strategy. Sebastian Giordano, Interim CEO of WPCS, said, "As we previously announced, the restructuring of WPCS, which commenced in August 2013 and was completed in July 2015, was not only highly successful, but now has the company better-positioned for the future, as we chart a new, exciting course for the company...With the restructuring behind us, we started the new fiscal year by reporting net income from continuing operations for the first quarter...We have sufficient cash and adequate liquidity to fund our company for the next twelve months...Between the year-end April 30, 2015 and the first quarter ended July 31, 2015, we increased working capital from a $1.3M deficit to a $2.2M surplus; Cash and cash equivalents from $2.4M to $5.5M; and, Equity from a $139,000 deficit to a $3.3M surplus. Present state notwithstanding, it is certainly not our intention to stand still...A first step towards that end was our recent engagement of an investment-banking firm to work with management in identifying, targeting, and assessing various strategic opportunities."
September 30, 2015
16:03 EDTWPCSWPCS International files to sell 2.1M shares for selling stockholders
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