WPCS Announces Several New Developments

WPCS Announces Several New Developments

WPCS International Incorporated (NASDAQ: WPCS) today announced several operational and corporate updates related to its contracting business, recent Bitcoin acquisition and administrative matters as of December 31, 2013.

According to Interim CEO Sebastian Giordano,

"We believe that the aggressive steps we began implementing in August 2013 and continue to execute to stabilize and turnaround core operations, reduce corporate overhead, and improve stockholders' equity are working. Meanwhile, we will be equally diligent in establishing our newly acquired Bitcoin operation to best position ourselves for growth in this sector." 

The following are some of the recent developments the Company wants to highlight as calendar 2013 comes to a close:

  • Since last reporting new contracts for July and August 2013, the Company is announcing that for the four months ended December 31, 2013, its two profitable domestic subsidiaries have executed new project contract awards of approximately $6.8 million, a 27% increase over the $5.4 million of contracts awarded for the same period last year. Notable customers included: Johnson Controls, Siemens, Honeywell, SimplexGrinell, San Francisco International Airport, Sutter General Hospital and California Pacific Medical Center;
  • The Company has initiated a search for a President for its Bitcoin trading platform, BTX Trader, LLC ("BTX"); secured office space for BTX in New York City; and is currently pursuing several key BTX-related strategic initiatives that it hopes to be able to report upon early in 2014. In addition, since announcing the public beta of its BTX trading platform, the Company has experienced a 600% increase in beta enrollments;
  • With its corporate office lease expiring on January 31, 2014, the Company will be relocating to a smaller, lower cost space, which will be accompanied by further reductions in related overhead expenses. Recently, the Company entered into a separation agreement with a former executive that it expects will save approximately $200,000 in future compensation expense; and
  • The Company has entered into a non-binding agreement with a business broker to find a buyer for the 60% interest in its China-based joint venture.

"We believe that WPCS is a company on the forefront of exciting change and we are proactively pursuing numerous operational and strategic measures to try to capitalize on the opportunities. Moreover, other current initiatives include discussions with: (i) certain independent public accounting firms, with client experience that includes companies engaged in the type of next-generation technologies, on-line payment systems, trading platforms, or similar industries as BTX, and which we believe would be more appropriately suited for our evolving business; (ii) investor relations firms that would help us more effectively communicate our revitalized message to the investor community; and (iii) specialized resources that will enhance our team of expert advisors; the selections of which we expect will be resolved shortly, in each of these areas," Giordano continued.

In closing, Giordano added that,

"We are very encouraged by the improvements that have been made thus far and expect will continue to be made to improve WPCS' balance sheet and profitability. We are excited about Bitcoin and the potential offered by BTX to participate in an evolving marketplace. Considering where we were just five months ago before implementing our plans, we are very confident about the future prospects for the Company and for building shareholder value in 2014 and beyond."

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 http://www.wpcs.com/ and http://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 statements.


Related News

BTX Trader Snapped Up by NASDAQ listed Company -- WPCS International -- Stock Message Boards Shouting SCAM!

When WPCS International Incorporated (NASDAQ: WPSC) snapped up bitcoin platform developer BTX Trader last week there was cheering in cyberspace. After all, bitcoin had just made it to the big time and BTX Trader is now an indirectly listed NASDAQ company. But should we be cheering? The news was certainly good for WPCS shareholders; its stock jumped up quickly. Interim CEO, Sebastian Giordano stated that, "As one of the first publicly traded companies to make an early entrance into the bitcoin space, we believe this transactions consistent with ongoing efforts to provide the Company with an....

WPCS Announces and Releases BTX Trader Beta Software

Engineering company WPCS International, Inc. has announced that one of their subsidiaries - BTX Trader, LLC - has been released a beta software for Windows PCs designed for power bitcoin traders. Available at btxtrader.com, the software acts as a trading client, and allows users to connect to bitcoin exchanges like Bitstamp, Mt. Gox, CampBX, and even BTC China. It comes with order book displays, candlestick charts, and all of the other charty goodness a trader would come to expect and rely on. "We encourage Bitcoin traders and others to download, install and try out the beta version of the....

BitMEX OI is Trending Higher as Traders Flip Short on Bitcoin; Why This is Bu...

It has been a wild week for the crypto markets, with investors having to digest a plethora of news developments that largely favored Bitcoin bears. That being said, the market surprisingly didn’t react too negatively to any of these developments, which seems to be a sign of growing maturity. One of the main developments this […]

Here Are The Latest Shiba Inu Developments You Should Be Aware Of

There have been a number of significant developments coming out of the Shiba Inu ecosystem recently and it can be hard to keep up. So, we have compiled a list of the most important developments that community members should be aware of at this time. ShibaSwap Launches On Shibarium Blockchain The ShibaSwap decentralized exchange (DEX) […]

Video: Roundup of This Week's Bitcoin News 25th April 2014

Bye-bye Gox and hello BTC debit cards! Not entirely sure what I'm talking about? Take a look at this week's news roundup to get up to speed with the latest developments in the world of digital currency. Mt. Gox announces commencement of bankruptcy proceedings: This week we bid our final goodbye to Mt. Gox as a company when bankruptcy proceedings were announced in Japan. The troubled bitcoin exchange officially filed for liquidation last week. A group of investors made a last ditch attempt earlier this week to stop the company from being liquidated, but a deal didn't materialize. Jeff....