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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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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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