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News Breaks
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."
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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