Exhibit
99.1
PRESS
RELEASE SOURCE:
WPCS International Incorporated
WPCS
Announces Stock Repurchase Program
EXTON, PA - (PR Newswire - First
Call) - December 2, 2008) WPCS International Incorporated (NASDAQ: WPCS),
a leader in design-build engineering services for specialty communication
systems and wireless infrastructure, has announced that its board of directors
has approved the repurchase up to 2,000,000 shares of WPCS’ common
stock.
The
repurchase will be made from time to time on the open market at prevailing
market prices or in negotiated transactions off the market or pursuant to a
10b5-1 plan adopted by WPCS, which permits WPCS to repurchase its shares during
periods in which WPCS may be in possession of material non-public
information.
There is
no assurance as to the amount, timing or prices of the repurchase. The specific
timing and amount of the repurchase will vary based on market conditions and
other factors. The stock repurchase program may be suspended, modified, extended
or terminated by the WPCS board of directors at any time and expires December 1,
2009.
The stock
repurchase program will be funded using WPCS working capital. As of October 31,
2008, WPCS had cash and cash equivalents of approximately $13 million. As of
December 1, 2008, WPCS has approximately 7.25 million shares of common stock
outstanding. Any shares repurchased will be retired and will subsequently
decrease the fully diluted shares outstanding.
Andrew
Hidalgo, CEO of WPCS International Incorporated, commented, “Based on current
market prices, we believe that our stock is undervalued. The stock repurchase
program should provide greater shareholder value and is a good investment for
our available funds."
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.
CONTACT:
WPCS
International Incorporated
610-903-0400
x101
ir@wpcs.com