Filed
Pursuant to Rule 424(b)(3)
under
the
Securities Act of 1933, as amended (File No. 333-136618)
PROSPECTUS
SUPPLEMENT NO. 1
Prospectus
Supplement No. 1 dated May 18, 2007
to
Registration Statement on Form S-3
filed
on
August 14, 2006 and declared effective on August 24, 2006
(Registration
No. 333-136618)
WPCS
INTERNATIONAL INCORPORATED
521,580
SHARES OF
COMMON
STOCK
This
prospectus supplement, which supplements the prospectus we filed on
August 14, 2006, will be used by selling security holders to resell the
shares of common stock by the selling stockholders. You should read this
prospectus supplement in conjunction with the related prospectus, which is
to be
delivered by selling security holders to prospective purchasers along with
this
prospectus supplement.
NEITHER
THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION
HAS
APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ACCURACY OR
ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.
You
should read and rely only on the information contained in the prospectus
supplements and the related prospectus, together with those documents
incorporated by reference. Neither the Company, Nabors nor any selling security
holder has authorized any person to provide you with different or additional
information. If anyone provides you with different or additional information,
you should not rely on it. The selling security holders are offering to sell,
and are seeking offers to buy, the securities only in jurisdictions where offers
and sales are permitted. Neither this prospectus supplement nor the related
prospectus, as previously supplemented, constitutes an offer to sell, or a
solicitation of an offer to buy, any securities by any person in any
jurisdiction in which it is unlawful for such person to make such an offer
or
solicitation. You should not assume that the information contained in this
prospectus supplement or the related prospectus, as previously supplemented,
is
accurate as of any date other than the date on the front cover of the respective
document.
The
date
of this prospectus is May 18, 2007.
SUBSTITUTION
OF SELLING STOCKHOLDER
The
reference to Sedna Partners in the selling stockholders table in the section
of
the Prospectus entitled “Selling Stockholders” beginning on page 11 of the
Prospectus is deleted. The table below sets forth, with respect to the
substituted selling stockholder for R&R Opportunity Fund, LP, as of May 18,
2007, its name and certain beneficial ownership information.
Name
of Selling Shareholder
|
Number
of Shares of Common Stock Owned Before the Offering**
|
Percent
of Common Stock Owned Before the Offering**
|
Shares
Available for Sale Under This Prospectus**
|
Number
of Shares of Common Stock to Be Owned After Completion of the
Offering
|
Percent
of Common Stock to Be Owned After Completion of the
Offering
|
R&R
Opportunity Fund, LP
(1)
|
40,685(2)
|
*
|
40,685(2)
|
0
|
0%
|
* Less
than
1%.
** Beneficial
ownership is determined in accordance with the rules of the SEC. Percentage
of
ownership is based on 6,971,698 shares of common stock outstanding as of May
18,
2007.
(1)
Thomas Pinou has voting and investment power of the shares that this selling
stockholder owns.
(2)
Represents shares issuable upon conversion of warrants.