EX-99.1
4
ex991.htm
EXHIBIT 99.1
Exhibit 99.1
Exhibit
99.1
PRESS
RELEASE
SOURCE: WPCS International Incorporated
WPCS
Completes Acquisition of China Based Taian AGS
EXTON,
PA - (PR Newswire - First Call) - April 9, 2007)
WPCS
International Incorporated (NASDAQ: WPCS), a leader in design-build engineering
services for specialty communication systems and wireless infrastructure, has
announced that it has completed the acquisition of the majority interest in
China based Taian AGS Pipeline Construction Company Ltd. (TAGS). WPCS acquired
60% ownership in TAGS for a purchase price of $1.6 million in cash and
stock.
Founded
in 1997 and headquartered in the Province of Shandong, TAGS is a communications
infrastructure engineering company serving the China market. TAGS is certified
by the People's Republic of China as both a Construction Enterprise of Reform
Development company and a Technically Advanced Construction Enterprise company
for the Province of Shandong, which are two of the highest certifications
achievable for engineering and construction based businesses in China. TAGS
is
also licensed in 17 other provinces and has completed projects for a diverse
customer base of businesses and government institutions in over 30 cities in
China. The company has 80 employees.
Historically
profitable, TAGS is projected to achieve approximately $3 million in revenue
and
$1 million in EBIT for the upcoming FY2008 WPCS fiscal year ending April 30,
2008. Andrew Hidalgo, Chairman and CEO of WPCS, commented, "We are pleased to
conclude this transaction as it now allows us to initiate our growth and
expansion plans for the China market. TAGS has an outstanding management team
and engineering staff led by its Chairman, Mr. Zhou Chuanli, who will remain
in
charge of the operation".
About
WPCS International Incorporated:
WPCS
provides design-build engineering services for specialty communication systems
and wireless infrastructure including site design, product integration and
project management. The company has an extensive customer base that includes
corporations, government entities and educational institutions. For more
information, please visit www.wpcs.com
Statements
about the company's expectations, including 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:
Carol
Lindley / WPCS International Incorporated
610-903-0400
x100
ir@wpcs.com

EX - 99 . 1 4 ex991 . htm EXHIBIT 99 . 1 Exhibit 99 . 1 Exhibit 99 . 1 PRESS RELEASE SOURCE : WPCS International Incorporated WPCS Completes Acquisition of China Based Taian AGS EXTON , PA - ( PR Newswire - First Call ) - April 9 , 2007 ) WPCS International Incorporated ( NASDAQ : WPCS ) , a leader in design - build engineering services for specialty communication systems and wireless infrastructure , has announced that it has completed the acquisition of the majority interest in China based Taian AGS Pipeline Construction Company Ltd . ( TAGS ) . WPCS acquired 60 % ownership in TAGS for a purchase price of $ 1.6 million in cash and stock . Founded in 1997 and headquartered in the Province of Shandong , TAGS is a communications infrastructure engineering company serving the China market . TAGS is certified by the People ' s Republic of China as both a Construction Enterprise of Reform Development company and a Technically Advanced Construction Enterprise company for the Province of Shandong , which are two of the highest certifications achievable for engineering and construction based businesses in China . TAGS is also licensed in 17 other provinces and has completed projects for a diverse customer base of businesses and government institutions in over 30 cities in China . The company has 80 employees . Historically profitable , TAGS is projected to achieve approximately $ 3 million in revenue and $ 1 million in EBIT for the upcoming FY2008 WPCS fiscal year ending April 30 , 2008 . Andrew Hidalgo , Chairman and CEO of WPCS , commented , " We are pleased to conclude this transaction as it now allows us to initiate our growth and expansion plans for the China market . TAGS has an outstanding management team and engineering staff led by its Chairman , Mr . Zhou Chuanli , who will remain in charge of the operation " . About WPCS International Incorporated : WPCS provides design - build engineering services for specialty communication systems and wireless infrastructure including site design , product integration and project management . The company has an extensive customer base that includes corporations , government entities and educational institutions . For more information , please visit www.wpcs.com Statements about the company 's expectations , including 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 : Carol Lindley / WPCS International Incorporated 610 - 903 - 0400 x100 ir@wpcs.com
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