EX-99.1
4
ex991.htm
EXHIBIT 99.1
ex991.htm
Exhibit
99.1
PRESS
RELEASE SOURCE:
WPCS International Incorporated
WPCS
Completes Acquisition of Australia Based Pride Electronic Security
Systems
EXTON, PA - (PR Newswire - First
Call) - November 4, 2009)
WPCS International Incorporated (NASDAQ: WPCS),
a leader in design-build engineering services for communications infrastructure,
has announced that it has completed the acquisition of Pride Electronic Security
Systems located in Queensland, Australia. The purchase price included a payment
at closing of AUD $2 million with a potential of up to an additional AUD $2
million of purchase price based on the achievement of certain earnings goals
over the next two years.
Founded
in 1997, Pride Electronic Security Systems is an electrical and security
services provider specializing in the commercial and government sectors. The
company focuses on low voltage security installations, alarm systems, video
surveillance and access controls. The company has established a stellar
reputation for high quality services and maintains a strong customer base which
includes the Queensland Police, Queensland Rail, Sunshine Coast District Health
Service and General Water Australia.
Historically
profitable, Pride Electronic Security Systems generated AUD $7.6 million in
revenue and approximately AUD $900,000 in earnings before interest and taxes
(EBIT) for their recent fiscal year ended June 30, 2009. The company also has a
net tangible asset value of approximately AUD $1.2 million. The transaction
closed on November 4, 2009 and the company will be assimilated into the WPCS
Australian operations.
Robert
Paynter, president of Pride Electronic Security Systems, commented, "The
security market in Australia is expanding at a rapid pace and it became apparent
that it would be beneficial for our growth if we were acquired by a larger
organization that can support our leadership role in electrical and security
services. WPCS is an ideal partner as they are a successful company that has
displayed a commitment to developing the Australian market for communications
infrastructure. We are pleased to become part of the WPCS team and look forward
to a prosperous and productive future".
Andrew
Hidalgo, CEO of WPCS International Incorporated, commented, "The acquisition of
Pride Electronic Security Systems is very important for WPCS as it not only adds
a financially successful company but also a company with a very talented
management team. In addition, the acquisition allows us to strengthen our
service capabilities in the Australian public services market through the design
and deployment of security systems. We are excited to add such an outstanding
company."
About
WPCS International Incorporated:
WPCS is a
design-build engineering company that focuses on the implementation requirements
of communications infrastructure. The company provides its engineering
capabilities including wireless communication, specialty construction and
electrical power to the public services, healthcare, energy and corporate
enterprise markets worldwide. For more information, please visit
www.wpcs.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.
________________________________________________________________________________________
WPCS
International Incorporated
610-903-0400
x101
ir@wpcs.com

EX - 99 . 1 4 ex991 . htm EXHIBIT 99 . 1 ex991 . htm Exhibit 99 . 1 PRESS RELEASE SOURCE : WPCS International Incorporated WPCS Completes Acquisition of Australia Based Pride Electronic Security Systems EXTON , PA - ( PR Newswire - First Call ) - November 4 , 2009 ) WPCS International Incorporated ( NASDAQ : WPCS ) , a leader in design - build engineering services for communications infrastructure , has announced that it has completed the acquisition of Pride Electronic Security Systems located in Queensland , Australia . The purchase price included a payment at closing of AUD $ 2 million with a potential of up to an additional AUD $ 2 million of purchase price based on the achievement of certain earnings goals over the next two years . Founded in 1997 , Pride Electronic Security Systems is an electrical and security services provider specializing in the commercial and government sectors . The company focuses on low voltage security installations , alarm systems , video surveillance and access controls . The company has established a stellar reputation for high quality services and maintains a strong customer base which includes the Queensland Police , Queensland Rail , Sunshine Coast District Health Service and General Water Australia . Historically profitable , Pride Electronic Security Systems generated AUD $ 7.6 million in revenue and approximately AUD $ 900,000 in earnings before interest and taxes ( EBIT ) for their recent fiscal year ended June 30 , 2009 . The company also has a net tangible asset value of approximately AUD $ 1.2 million . The transaction closed on November 4 , 2009 and the company will be assimilated into the WPCS Australian operations . Robert Paynter , president of Pride Electronic Security Systems , commented , " The security market in Australia is expanding at a rapid pace and it became apparent that it would be beneficial for our growth if we were acquired by a larger organization that can support our leadership role in electrical and security services . WPCS is an ideal partner as they are a successful company that has displayed a commitment to developing the Australian market for communications infrastructure . We are pleased to become part of the WPCS team and look forward to a prosperous and productive future " . Andrew Hidalgo , CEO of WPCS International Incorporated , commented , " The acquisition of Pride Electronic Security Systems is very important for WPCS as it not only adds a financially successful company but also a company with a very talented management team . In addition , the acquisition allows us to strengthen our service capabilities in the Australian public services market through the design and deployment of security systems . We are excited to add such an outstanding company . " About WPCS International Incorporated : WPCS is a design - build engineering company that focuses on the implementation requirements of communications infrastructure . The company provides its engineering capabilities including wireless communication , specialty construction and electrical power to the public services , healthcare , energy and corporate enterprise markets worldwide . For more information , please visit www.wpcs.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 . ________________________________________________________________________________________ WPCS International Incorporated 610 - 903 - 0400 x101 ir@wpcs.com