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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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August 18, 2014
09:04 EDTWPCSWPCS International obtains holder approval for sale of Seattle operations assets
WPCS International announced that on August 15 the company held a special meeting of stockholders at which a majority of the company's shareholders overwhelmingly approved the sale of substantially all of the assets of its wholly-owned subsidiary WPCS International -- Seattle, Inc. Over 94% of the total shares voted by the majority of shareholders in this special meeting were in favor of this transaction. The company expects that this transaction will close on or around August 31 and that it will generate over $1.5M in working capital.
August 8, 2014
14:02 EDTWPCSWPCS International to host special shareholder meeting
Special Shareholder Meeting to approve the sale of the company's wholly-owned subsidiary, WPCS International-Seattle, Inc., to be held on August 15 at 10 am.
August 6, 2014
09:19 EDTWPCSWPCS International urges holders to vote for the sale of Seattle operations
WPCS International released a statement urging shareholders to vote on the proposed sale of the assets of the company's Seattle Operations, an important next step in the company's continuing restructuring plan. According to Sebastian Giordano, Interim CEO of WPCS, "As of today, 47.03% of shareholders have voted in favor of the sale of the Seattle Operations. We thank those who have contributed and continue to respectively urge those who have not yet voted in favor of this transaction to please do so, as we need the affirmative vote of 50.01% of shareholders to approve this sale. Shareholders should be aware that, unfortunately, this extended effort to secure the requisite vote has thus far cost the company approximately $65,000 in additional proxy solicitation fees and resulted in a $100,000 sales price reduction for failure to close this transaction by July 31. I cannot overemphasize the critical place this transaction has in the overall plan to restructure, revitalize and reposition the company for future growth. I am asking that remaining eligible shareholders please vote, 'yes' as soon as possible, so we can close this transaction and keep the momentum of the restructuring going in the right direction. Failure to sell Seattle would undermine the progress achieved to-date and could hamper our ability to build shareholder value in the foreseeable future."

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