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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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February 1, 2016
09:06 EDTWPCSWPCS International secured $4.6M of new contracts in Q3
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