PRESS RELEASE SOURCE: WPCS International
Incorporated
WPCS
Completes Major Electric and Max Engineering Acquisitions
EXTON, PA - (PR Newswire - First
Call) – August 7, 2007) – NASDAQ : WPCS – News) WPCS International Incorporated
(WPCS), a leader in design-build engineering services for specialty
communication systems and wireless infrastructure, has announced that it has
completed the acquisition of Major Electric and Max Engineering.
The Major
Electric transaction was concluded on August 1, 2007. WPCS acquired Major
Electric for $3 million in cash and 80,000 shares of WPCS stock priced at
$12.50 per share. Additional purchase price will be paid upon the achievement
of a specific earnings target for a period ending December 31, 2007.
Historically profitable, Major Electric is projected to achieve approximately
$16 million in revenue and $1.5 million in earnings before interest and taxes
for their current fiscal year ending December 31, 2007.
The Max
Engineering transaction was concluded on August 2, 2007. WPCS acquired Max
Engineering for $600,000 in cash and 17,007 shares of WPCS stock priced at
$11.76 per share. Additional purchase price will be paid upon the achievement
of a specific earnings target for a period of two years. Historically profitable,
Max Engineering generated $1.5 million in revenue and $328,000 in earnings
before interest and taxes for their fiscal year ended December 31, 2006.
About WPCS International
Incorporated:
WPCS International Incorporated
provides design-build engineering services for specialty communication systems
and wireless infrastructure including site design, integration, structured
cabling, electrical contracting, trenching, construction and maintenance for
corporations, government entities and educational institutions worldwide. For more information, please visit our
website at 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.
CONTACT:
Carol Lindley
WPCS
International Incorporated
610-903-0400
x100