WPCS Enters Into Definitive Agreement to Sell Its Seattle Operations

WPCS Enters Into Definitive Agreement to Sell Its Seattle Operations

WPCS International Incorporated (NASDAQ: WPCS), which specializes in contracting services for communications infrastructure and the development of a Bitcoin trading platform, today announced that it has entered into an asset purchase agreement with EC Company ("EC") for approximately $2.7 million.

The agreement proposes that EC, an Oregon-based electrical contracting company, purchase substantially all of the assets and assume certain liabilities of WPCS International- Seattle, Inc. (the "Seattle Operations"), in an all-cash transaction, at a target sales price of approximately $2.7 million, subject to adjustment based on the closing date balance sheet of the Seattle Operations. The closing is anticipated for May 31, 2014 and is subject to certain conditions to be fulfilled prior to closing, including WPCS shareholder and NASDAQ approval.

According to Interim CEO Sebastian Giordano,

"We are pleased to enter into this agreement to sell the Seattle Operations, which will provide additional liquidity and working capital of approximately $2 million to the Company. We remain focused on stabilizing cash flow and restructuring our debt while remaining opportunistic about non-dilutive transactions such as this with EC. We will continue to improve our remaining operations and reduce corporate overhead while we move closer towards monetizing the BTX trading platform."

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

Applied Blockchain Changes Name, Enters Purchase Agreement for Land in North ...

This week the mining operation Applied Blockchain announced that it is changing its company name to Applied Digital. Furthermore, the mining operation released 2022 financial results and operational updates that noted that the mining firm entered a purchase agreement on August 15 for land in North Dakota. Applied Digital Enters Purchase Agreement on August 15, Groundbreaking Planned for Q3 2022 Another mining company is reporting expansion updates as Applied Digital (formerly Applied Blockchain) has revealed it has entered a purchase agreement on August 15. The deal will add a second....

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....

Mt. Gox Creditor CoinLab Objects to Sunlot Holdings Revival Plan

One of Mt. Gox's creditors and former operations manager both in the United States and Canada has filed an objection to a bold plan from Sunlot Holdings that would see the company reviving the disgraced exchange and promising to pay back investors who lost money. They're Seattle-based CoinLab, and they got themselves into an agreement with Mt. Gox in late 2012. Their role? Handle the sale and exchange of bitcoin for Mt. Gox investors in North America (Mexico excluded). As pointed out by CoinDesk, the company later filed a lawsuit against Mt. Gox with the complaint the the Tokyo-based....

Troubled miner returns 26,000 rigs to eliminate debt

The mining operator entered into a deal with NYDIG to sell rigs to alleviate $64.7 million in outstanding debt. The United States-based Bitcoin mining company, Stronghold Digital Mining (SDIG), announced on Tuesday new moves to elevate outstanding debt and restructure its financial operations.In an agreement with lender New York Digital Investment Group (NYDIG), the company plans to release 26,000 of its mining rigs, 18,700 of which are currently running. The sell-off will create more liquidity and clear $67.4 million in debt held by Stronghold. Before the agreement, the company had $47....

An Interview With Coinme, the Company Behind Seattle's First Bitcoin ATM

As a resident of western Washington, I was happy to find out that a Bitcoin ATM had recently been installed at the Spitfire sports bar in downtown Seattle. I decided to make a trip to try out the ATM and learn more about Coinme, the company behind Seattle's first Robocoin kiosk. General Manager Nick Hughes and Compliance Officer Neil Burgquist were kind enough to sit down and have a conversation, where we covered topics ranging from the regulatory environment surrounding Bitcoin ATMs to their thoughts on the future of cryptocurrency in Seattle.What inspired you to start Coinme? Neil: I've....