SOURCE: WPCS International Inc

WPCS International Inc

January 07, 2016 09:00 ET

WPCS Makes Final Payments on Previously Settled Liabilities

Cash Flow and Balance Sheet Improve Further

SUISUN, CA--(Marketwired - Jan 7, 2016) - WPCS International Incorporated (NASDAQ: WPCS), which specializes in contracting services for communications infrastructure, today announced that on December 15, 2015 and January 4, 2016, it made its final payments on two unrelated settlement agreements with Zurich American Insurance Co. and Kavveri Technologies America, Inc., respectively.

According to Sebastian Giordano, Interim CEO of WPCS, "In 2015, as part of our past restructuring efforts, we had negotiated the favorable settlements of these two matters for an aggregate sum of $900,000, while simultaneously reducing our then existing liabilities by approximately $1.1 million and avoiding the risk of any further potential liability. With these final payments, these debts are now fully eliminated from our balance sheet and our cash flow improves immediately."

ABOUT WPCS INTERNATIONAL INCORPORATED

WPCS provides low voltage communication 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