SOURCE: WPCS International Incorporated

WPCS International Incorporated

October 06, 2016 08:31 ET

WPCS Backlog Increases to $17.5 Million by Securing $3.0 Million in New Contracts During September

Opportunity Pipeline up 70%

SUISUN, CA--(Marketwired - Oct 6, 2016) - WPCS International Incorporated (NASDAQ: WPCS), a full-service low-voltage solutions provider in the business of developing, installing and servicing integrated structured cabling, audio-visual and security systems, today announced that its backlog increased to $17.5 million upon securing $3.0 million in new contracts during September.

Sebastian Giordano, CEO of WPCS, stated, "After closing the month of August with $3.8 million in new contracts, our largest new contract-signing month in nearly a year and a half, we are pleased to have secured another $3.0 million of bookings in September. Some of these contracts include:

  • $1.7 million for audio-visual ("AV") equipment installation in a new San Francisco hospital;  

  • $780k in various work from key customer accounts; and,

  • $100k AV project for a brand new customer.

"I am extremely encouraged that the growth of our pipeline and backlog is accelerating primarily driven by our sales team, sales strategy and new service offerings being introduced to the marketplace. Additionally, given our much improved balance sheet and with operating and administrative costs well under control, we expect to see a positive impact on revenue and profits in the quarters ahead as these projects commence."

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.

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.

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