PRESS
RELEASE SOURCE: WPCS
International Incorporated
WPCS
Completes Southeastern Communication Acquisition
EXTON,
PA — (PR Newswire-First Call) - July 20, 2006 - NASDAQ: WPCS
- News)
WPCS
International Incorporated (WPCS) has announced that it has completed the
acquisition of Southeastern Communication Service, Inc. (SECS) www.secs-wireless.com
of
Sarasota, Florida for $1.8 million in cash and $1.4 million in WPCS stock.
As
stated in a previous press release, SECS is a provider of wireless
infrastructure services and has deployed wireless networks for many corporate,
government and educational clients.
SECS
has
maintained a history of profitable operations while establishing itself as
a
leader in the design, deployment and maintenance of wireless networks throughout
the Southeastern U.S. For FY2005 ending December 31, 2005, SECS generated $6.4
million in revenue and $730,000 in adjusted EBIT or earnings before interest
and
taxes, excluding certain non-recurring owner expenses (a non-GAAP measure).
The
current annual forecast for SECS, ending December 31, 2006 is to achieve $7.5
million in revenue and $850,000 in EBIT.
About
WPCS International Incorporated:
WPCS
provides design-build engineering services for specialty communication systems
and wireless infrastructure including site design, product integration and
project management. The company has an extensive customer base that includes
corporations, government entities and educational institutions. For more
information, please visit the website at www.wpcs.com.
Statements
about the company's expectations, including revenue and earnings and all other
statements in this press release, other than historical facts, are "forward
looking" statements and are made pursuant to the safe harbor provisions of
the
Private Securities Litigation Reform Act of 1995. Such forward looking
statements involve risks and uncertainties and are subject to change at any
time. The company’s actual results could differ materially from expected
results. In reflecting subsequent events or circumstances, the company
undertakes no obligation to update forward-looking statements.
Contact:
Heather
Tocket / Corporate Communications Manager
WPCS
International Incorporated
610-903-0400
x102
ir@wpcs.com