Exhibit
99.1
| PRESS
RELEASE |
SOURCE:
WPCS International Incorporated
|
| |
|
WPCS
Acquires Midway Electric
EXTON, PA - (PR Newswire - First
Call) - March 10, 2009) WPCS International Incorporated (NASDAQ: WPCS), a
leader in design-build engineering services for communications infrastructure,
has announced that it has completed the acquisition of Midway Electric Company
of St. Helens, Oregon. The purchase price was $400,000 in cash.
Founded
in 1983, Midway Electric is an electrical contractor specializing in low and
high voltage electrical services. The company focuses on industrial and
commercial projects and maintains a strong customer base that includes Armstrong
World Industries, Knife River Corporation, Glacier Northwest and the city of St.
Helens, Oregon.
Historically
profitable, Midway Electric generated $2.2 million in revenue and approximately
$120,000 in earnings before interest and taxes for their last fiscal year ended
March 31, 2008. The company also has a net tangible asset value of approximately
$280,000. The transaction closed on March 9, 2009 and the company will be
assimilated directly into Major Electric, a wholly owned subsidiary of
WPCS.
Jim
Jordan, subsidiary president for WPCS, commented, “We are pleased with the
acquisition of Midway Electric. For over twenty-five years, Midway Electric has
established itself as a company with an outstanding reputation for cost
effective and high quality electrical services. The company has built a
reputable customer base and is positioned well for future growth. The
acquisition of Midway Electric allows us to achieve one of the goals we set for
expansion in the Portland, Oregon market. We look forward to assimilating the
business and working together in developing opportunities.”
About
WPCS International Incorporated:
WPCS is a
design-build engineering company that focuses on the implementation requirements
of communications infrastructure. The company provides its engineering
capabilities including wireless communication, specialty construction and
electrical power to the public services, healthcare, energy and corporate
enterprise markets 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