SOURCE: WPCS International Inc

WPCS International Inc

January 28, 2016 09:00 ET

WPCS Announces Final Conversions of Series G-1 Preferred Stock

Transactions End Further Preferred Dividend Requirements

SUISUN, CA--(Marketwired - Jan 28, 2016) -   WPCS International Incorporated (NASDAQ: WPCS), which specializes in low voltage communications and security contracting services, today announced the conversion of all remaining 1,359 Series G-1 preferred shares into 102,492 shares of the Company's common stock on January 25, 2016.

Consequently, all of the Company's previously issued Series F, F-1, G and G-1 preferred shares have now been converted into common stock. These four series of preferred shares had carried an 8% dividend and a 26% three-year make-whole dividend. In addition, all such dividends have also now been fully converted into common stock. As a result, the Company will no longer have any dividend payable liability on its balance sheet related to these preferred shares.

According to Sebastian Giordano, Interim CEO of WPCS, "This is yet another positive step in improving our income statement and balance sheet as there are no longer any preferred shares outstanding that accrue dividends or have make-whole dividend provisions. The remaining 2,638 Series H and 8,119 Series H-1 convertible preferred shares have no dividends attached to them."

ABOUT WPCS INTERNATIONAL INCORPORATED

WPCS provides low voltage communication and security contracting services to the public services, healthcare, energy and corporate enterprise markets in the United States. For more information, please visit www.wpcs.com.

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.

Contact Information

  • INVESTOR CONTACT

    WPCS International Incorporated
    Mr. David Allen
    Chief Financial Officer
    Phone: 707.759.6008
    Email: Email Contact