WPCS Announces Rescheduled Conference Call to Discuss FY2014 Second Quarter Financial Results; Recent Announcement Regarding Bitcoin
EXTON, PA--(Marketwired - Dec 18, 2013) - WPCS International Incorporated (NASDAQ: WPCS), ("WPCS" or the "Company"), today has announced that it will conduct a conference call scheduled for Thursday, December 19, at 5:00 pm ET to discuss both its financial results for the FY2014 second quarter ended October 31, 2013 and its recent acquisition of BTX Trader.
As previously announced, WPCS entered into various agreements to acquire BTX Trader LLC (BTX), an early stage technology company currently engaged in the development of a proprietary platform for the bitcoin industry, and issued 2,348 shares of its 12% Series E Preferred Stock, and warrants to purchase 1,500,000 shares of common stock exercisable at $5.00 per share in connection with the acquisition. Although no revenue is currently being generated, the BTX acquisition represents a new line of business to the Company.
The Company also announced that it would be seeking stockholder approval for various matters, including an amendment to its certificate of incorporation to increase the number of shares authorized for issuance to stockholders. The Company is required to reserve for issuance under the 12% Series E Preferred Stock and Warrants related to the BTX acquisition approximately 2.7 million shares of common stock. The additional shares the Company seeks to have authorized for issuance are required to satisfy prior contractual obligations and for future purposes, such as potential acquisitions or financings. The foregoing description is intended as a clarification and does not constitute a solicitation of any vote or proxy, which shall only be by virtue of a Proxy Statement filed with the SEC and distributed to stockholders containing additional information.
Bitcoin is a digital or virtual currency that uses peer-to-peer technology to facilitate instant payments. Bitcoin is a type of alternative currency known as a cryptocurrency, which uses cryptography for security, making it difficult to counterfeit. Bitcoin issuance and transactions are carried out collectively by the network, with no central authority, and allows users to make secure, verified transfers. BTX has developed and is currently beta testing a trading system to offer bitcoin traders advanced charting, trading blotters, and trading integration across five of the major bitcoin exchanges, which will allow users to see liquidity, route orders, identify arbitrage opportunities across all platforms, and to control trading risks with access to stop loss orders. The BTX business is intended to become a data and service provider for users and exchanges of bitcoin, but is not presently a bitcoin exchange itself (although the Company may determine to invest in and develop a bitcoin exchange in the future). There can be no assurance that the Company or bitcoin in general, will be successful.
Sebastian Giordano, Interim Chief Executive Officer, commented, "We are very excited about bitcoin and the prospect offered by BTX to participate in a quickly evolving marketplace. Although there are numerous risks, we believe that the software platform being developed by BTX will support the opportunities to advance bitcoin as an asset class, currency, money transfer mechanism, and important alternative in the financial markets space. As one of the first publicly traded companies to make an early entrance into the bitcoin space, we believe this transaction is consistent with ongoing efforts to provide the Company with an opportunity to deliver improved shareholder value in the future."
To participate on the conference call, please dial 800-875-3456 for calls within the U.S. and 302-607-2001 for calls from outside the U.S. Upon reaching the operator, use VH71326 as the verbal pass code.
Sebastian Giordano, Interim CEO of WPCS, will be discussing the company's financial results, market conditions and business outlook, including BTX. In addition, a BTX spokesman will be available to respond to questions about BTX. When the overview concludes, you can be placed into the queue for questions by pressing *1 and can be removed from the queue by pressing the # sign. Replays of the conference call will be available for a period of five days by dialing 402-220-2946 and entering 71326 as the program identification number.
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.
The Company and its operations, including bitcoin activities, are subject to substantial risks. Some of those risks are described under "Risk Factors" in the Company's filings and reports filed with the SEC at www.sec.gov. The risks associated with BTX and bitcoin in general are not fully known and will be described in future filings with the SEC and therefore investors should be aware that the Company's SEC filings do not presently provide a complete description of all risks that face the Company's business and affairs.
