SUISUN, CA--(Marketwired - Aug 3, 2015) - WPCS International Incorporated (NASDAQ: WPCS), which specializes in contracting services for communications infrastructure, today announced that on August 1, 2015, it retained WestPark Capital, Inc. ("WestPark Capital"), a leading investment banking firm, to advise the Company on various strategic initiatives, such as mergers, acquisitions, and financing opportunities.
Sebastian Giordano, Interim CEO of WPCS, commented, "We believe that the restructuring plan we launched in August 2013 to, amongst other things: (i) eliminate all secured and unsecured notes; (ii) sell, or close, all unprofitable and non-core operations; and (iii) significantly reduce administrative overhead, has successfully been achieved. In addition, we have (i) resolved our recent NASDAQ compliance issues; (ii) raised capital; and (iii) demonstrated our ability to continue as a going concern for the next twelve months. Moreover, we are awaiting the final approval from the Tai'an Bureau of Commerce and Industry to close on the sale of our Chinese joint venture interest. Looking ahead, with a profitable business to build upon and a much-improved balance sheet, we believe that we are well positioned to pursue all viable options to profitably build WPCS, both organically and strategically, the primary goal of which is to deliver increased shareholder value. Management and the board of directors are very pleased to add the WestPark Capital team as another key member of professional advisors to the Company."
"With its successful restructuring plan now completed, we are pleased to be working with WPCS to chart a course for renewed profitability and enhanced shareholder value," stated Jonathan Blum, Managing Director of WestPark Capital.
About WPCS International Incorporated
WPCS provides contracting services to the public services, healthcare, energy and corporate enterprise markets in the United States. For more information, please visit www.wpcs.com.
About WestPark Capital
WestPark Capital is a full-service investment bank focused on emerging growth sectors such as healthcare, software, technology, biotechnology, financial services, manufacturing, consumer products, media and telecom industries, among other categories. WestPark provides a comprehensive range of corporate finance services, including initial public offerings, follow-on offerings, private placements, SIPOs and corporate finance advisory services. Additional information about WestPark Capital, Inc. is available at www.wpcapital.com or at firstname.lastname@example.org.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including, but not limited to, statements with respect to the Company's future growth opportunities and strategic plan. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.