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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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September 29, 2014
09:31 EDTWPCSWPCS International announces 34% user growth for digital currency offerings
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September 18, 2014
08:15 EDTWPCSWPCS International urges holders to vote YES to increase authorized shares
WPCS International is providing a letter to shareholders with a year in review and why a "YES" vote to increase the authorized shares is crucial. "We want you to know that we are entering the final stages of our current restructuring. The board believes that once our proposal to increase the number of common shares authorized by the Certificate of Incorporation and other proposals are approved, it will enable WPCS to seek key strategic initiatives to enhance our balance sheet through debt reduction, which we believe will ultimately improve our shareholders' equity and cash position." The letter also states, "The upcoming proxy statement proposal to increase the authorized shares of the company, which shareholders did not approve when last presented, is required for us to meet the existing equity conversion and warrant obligations under our secured convertible notes, convertible preferred stock and warrants. We are required to continue to seek this approval, which will result in additional cost and expenses to WPCS, until our obligation is met. We believe that an increase in authorized common stock could lead to the reduction or elimination of our outstanding secured debt, which has been highly restrictive on the company and our ability to create value for all shareholders going forward. Additionally, the increase in authorized shares would better position the company to attract talent through a new stock option plan, provide the company with flexibility for potential growth capital and enhance our ability to leverage our position as a publicly-traded company to pursue selected strategic acquisitions that we believe could enhance our business."

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