WPCS Announces Adjournment of Special Meeting and Rescheduling of Special Meeting to July 15, 2014
July 01 2014 - 5:00PM
Marketwired
WPCS Announces Adjournment of Special Meeting and Rescheduling of
Special Meeting to July 15, 2014
EXTON, PA--(Marketwired - Jul 1, 2014) - WPCS International
Incorporated (NASDAQ: WPCS), which specializes in contracting
services for communications infrastructure and the development of a
Bitcoin trading platform, today announced that its special meeting
of stockholders scheduled for, and convened on July 1, 2014, was
adjourned due to the lack of a requisite quorum. To date, the
Company has received approximately 30.6% of the required 33 1/3%
shareholder vote necessary to conduct the special meeting. Only
stockholders of record on the record date of April 25, 2014 are
entitled to, and are being requested to, vote. The date of the
special meeting has been rescheduled for July 15, 2014.
Sebastian Giordano, Interim Chief Executive Officer, commented,
"The Company is very close to gaining a quorum and, and the
majority of the votes cast are in favor of the proposals. Whether
you are in favor of the proposals or not, every vote is very
important. The strategic initiatives include the approval of the
sale of the unprofitable Australia Operations and to stem future
losses related to this business, and to eliminate the future cash
payments of the remaining severance due the Company's former CEO.
In addition, the proposal to increase our authorized shares will
enable the Company to potentially eliminate its senior secured
convertible notes and provide for future growth capital."
The special meeting will take place on July 15, 2014 at 10:00
a.m. (Eastern Daylight Time) at the offices of Sichenzia Ross
Friedman Ference LLP at 61 Broadway, 32nd Floor, New York, NY 10006
to allow additional time for the stockholders to vote on the
proposals set forth in the Company's proxy statement filed with the
SEC, which is available at
http://www.sec.gov/Archives/edgar/data/1086745/000114420414025401/v376074_def14a.htm.
The Company encourages all stockholders who have not yet voted
to do so before July 14, 2014 at 11:59 p.m. (Eastern Daylight
Time). Stockholders should follow the instructions printed on their
proxy card in order to vote. If you need any assistance in voting
your shares, please call our proxy solicitor, Innisfree M&A
Incorporated, at (888) 750-5834.
No changes have been made in the proposals to be voted on by
stockholders at the special meeting. The Company's proxy statement
and any other materials filed by the Company with the SEC remain
unchanged and can be obtained free of charge at the SEC's website
at www.sec.gov.
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 statements.
CONTACT: Capital Markets Group, LLC Valter Pinto PH:
(914) 669-0222 or (212) 398-3486 Email Contact
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