WPCS Announces Several New Developments
December 31 2013 - 4:15PM
Marketwired
WPCS Announces Several New Developments
EXTON, PA--(Marketwired - Dec 31, 2013) - 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 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: WPCS International Incorporated 610-903-0400
x104 Email Contact
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