WPCS Receives NASDAQ Notice of Non-Compliance; Intends to Request Hearing

WPCS Receives NASDAQ Notice of Non-Compliance; Intends to Request Hearing 
EXTON, PA -- (Marketwired) -- 05/06/14 --   WPCS International
Incorporated (NASDAQ: WPCS) ("WPCS" or the "Company"), which
specializes in contracting services for communications infrastructure
and the development of a Bitcoin trading platform, today announced
that it received a letter from the Staff of the Listing
Qualifications Department of The NASDAQ Stock Market LLC ("NASDAQ")
indicating that unless the Company timely requests a hearing before
the NASDAQ Listing Qualifications Panel (the "Panel"), the Company's
common stock would be subject to delisting from The NASDAQ Capital
Market due to the Company's non-compliance with the requirement to
solicit proxies and hold an annual meeting of stockholders, as set
forth in NASDAQ Listing Rules 5620(a) and 5620(b) (the "Annual
Meeting Requirement").  
Accordingly, the Company plans to timely request a hearing before the
Panel, which will stay any suspension or delisting action until at
least the issuance of a formal determination by the Panel following
the hearing or the expiration of any extension granted by the Panel.
The Company is diligently pursuing its plan to regain compliance with
the Annual Meeting Requirement and, in that regard, had already
initiated the process prior to receiving the notice from NASDAQ, and
intends to file the proxy statement for the annual meeting within the
next week. There can be no assurance that the Panel will grant the
Company's request for continued listing pending the completion of its
Sebastian Giordano, Interim Chief Executive Officer, commented: "The
primary reason for the delay in holding our annual meeting was due to
the Company commencing first with a special shareholder meeting to
approve other Company actions. The scheduling of this special meeting
was postponed as a result of several rounds of comments from the SEC,
which we have now resolved. The Company believes that amending the
special meeting to include the annual meeting requirements would have
further delayed the scheduling of both the special meeting and the
annual meeting. Management believes that we will regain compliance
with the Annual Meeting Requirement based on its current plan to hold
its annual meeting as soon as possible."  
About WPCS International Incorporated:  
WPCS operates in two business segments including: (1) providing
communications infrastructure contracting services to the public
services, healthcare, energy and corporate enterprise markets
worldwide; and (2) developing a Bitcoin trading platform. For more
information, please visit www.wpcs.com and www.btxtrader.com. 
Statements about the company's future expectations, including future
revenue and earnings and all other statements in this press release,
other than historical facts, are "forward looking" statements and are
made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements
involve risks and uncertainties and are subject to change at any
time. The company's actual results could differ materially from
expected results. In reflecting subsequent events or circumstances,
the company undertakes no obligation to update forward-looking
Alliance Advisors, LLC
Valter Pinto
PH: (914) 669-0222
Press spacebar to pause and continue. Press esc to stop.