WPCS Urges Shareholders to Vote for the Sale of Seattle Operations
Deal Would Generate Over $1.5 Million in Working Capital
EXTON, PA -- (Marketwired) -- 08/06/14 -- WPCS International
Incorporated (NASDAQ: WPCS), which specializes in contracting
services for communications infrastructure and the development of a
digital currency trading platform, today released a statement urging
shareholders to vote on the proposed sale of the assets of the
Company's Seattle Operations ("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."
Giordano continued, "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, 2014. 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
Please call Alliance Advisors LLC directly at (877) 777-8133 to vote
your shares and avoid additional solicitation costs.
About WPCS International Incorporated
WPCS operates in two business
segments: (1) providing communications infrastructure contracting
services to the public services, healthcare, energy and corporate
enterprise markets worldwide; and (2) developing a digital currency
trading platform. For more information, please visit www.wpcs.com,
www.btxtrader.com and www.gocelery.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
Capital Markets Group, LLC
PH: (914) 669-0222 or (212) 398-3486
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