SUISUN, CA--(Marketwired - Aug 2, 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 it added $2.7 million of new contracts during its first quarter ended July 31, 2016. One-third of these contracts were sparked by a series of recently implemented organic growth and business development initiatives in our start-up Texas Operations, as well as from new recurring revenue opportunities.
According to Sebastian Giordano, CEO of WPCS, "In addition to the continued strong performance of our core Suisun Operations, we are now beginning to see tangible results from our recently established Texas Operations, newly hired direct sales team as well as from the integration and rollout of all of our capabilities into each of the markets we currently serve, all integral components of our 2017 strategic growth plan. We are certainly pleased by the amount of new business secured this quarter, but even more encouraged by its expanded composition.
"Our highly experienced operations and direct sales team, led by President of Operations Butch Roller and Wally Wallace, Executive Vice President of Sales and Business Development, have already opened up many new opportunities not previously available to WPCS and, as a result, we are seeing a significant increase in our sales pipeline, which we expect to capitalize upon in the months ahead.
"Having completed a successful restructuring of the Company in fiscal 2015, we then laid the foundation for organic growth in fiscal 2016. Now, our primary goal for fiscal 2017 is to return WPCS to overall profitability. Debt-free, and armed with a profitable operation as our foundation, we will continue, as we have been, to aggressively pursue all viable growth opportunities, the ultimate objective of which is to drive sustainable growth in shareholder value."
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.