Exhibit
99.1
PRESS
RELEASE
SOURCE:
WPCS International
Incorporated
WPCS
Completes Acquisition of Empire Electric
EXTON,
PA - (PR Newswire - First Call) - November 1, 2007) WPCS International
Incorporated (NASDAQ: WPCS), a leader in design-build engineering services
for
specialty communication systems and wireless infrastructure, has announced
that
it has completed the acquisition of Empire Electric of West Sacramento,
California.
Historically
profitable, Empire Electric is projected to achieve approximately $9 million
in
revenue and $850,000 in earnings before interest and taxes for their current
fiscal year ended October 31, 2007.
WPCS
acquired 100% of Empire Electric for $2 million in cash at closing. An
additional purchase price of up to $1 million will be paid in cash and/or stock,
at the discretion of WPCS, if Empire Electric achieves its fiscal year earnings
before interest and taxes projection of $850,000.
About
WPCS International Incorporated:
WPCS
is a
design-build engineering company that focuses on the implementation requirements
of wireless technology. The company serves the specialty communication systems
and wireless infrastructure sectors and provides services that include site
design, technology integration, electrical contracting, construction and project
management for corporations, government entities and educational institutions
worldwide. For more information, please visit 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:
Carol
Lindley / WPCS International Incorporated
610-903-0400
x100
ir@wpcs.com