EXHIBIT
99.1
PRESS
RELEASE |
SOURCE: WPCS
International Incorporated
|
WPCS
Acquires Wind Energy Infrastructure Company
EXTON, PA - (PR Newswire - First
Call) - June 30, 2008) 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 the assets of Lincoln Wind LLC of Bettendorf, Iowa. The purchase price was
$400,000 in cash.
Founded
in 2006, Lincoln Wind is an engineering company focused on the implementation of
meteorological towers that measure the wind capacity of geographic areas prior
to the construction of a wind farm. The tower has an anemometer connected to a
data collection device that transmits via wireless to a central monitoring
station that measures wind performance. The tower is powered by solar energy.
Lincoln Wind has developed an outstanding reputation for complete installation
services and maintenance of these meteorological towers and components for such
customers as British Petroleum, Clipper Wind, Infinity Wind Power and Global
Energy Concepts. Historically profitable, Lincoln Wind is projected to achieve
approximately $2 million in revenue and $500,000 in earnings before interest and
taxes over the next twelve months. Since inception, the company has generated
gross margins in the 40% to 45% range. The transaction closed on June 27, 2008.
Lincoln Wind will be assimilated directly into Max Engineering, a wholly owned
subsidiary of WPCS.
Matthew
Cumberworth, Managing Director of Lincoln Wind LLC, commented, “The wind energy
market is experiencing significant growth of late and we believe the
opportunities are substantial. In order for our company to take advantage of
this high growth sector, we wanted to team up with a world class design-build
engineering firm that can provide the support and financial resources to
capitalize on the abundant opportunities in the wind energy sector. WPCS is that
company. We are very pleased to be part of WPCS and look forward to the
expansion of our project capacity.”
Andrew
Hidalgo, CEO of WPCS International Incorporated, commented, “WPCS has been
committed to establishing leadership positions in various specialty
communication systems sectors and alternative energy is a specific focus as the
design-build engineering needs, which include wireless connectivity, are in high
demand. WPCS is currently developing opportunities in the wind energy sector and
the addition of Lincoln Wind and its superb staff of highly trained technicians
will allow WPCS to expand its pursuit of the many projects under consideration.
We are very pleased to add Lincoln Wind and we expect this company to play a
significant role in the continuing development of our alternative energy
infrastructure initiative.”
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 future expectations, including future 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.
WPCS
International Incorporated
610-903-0400
x101
ir@wpcs.com