UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of report (date of earliest event reported):  April 3, 2014

 

WPCS INTERNATIONAL INCORPORATED

(Exact name of registrant as specified in its charter)

 

Delaware 001-34643 98-0204758

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

 

600 Eagleview Boulevard, Suite 300, Exton, PA 19341

(Address of principal executive offices and zip code)

 

Registrant’s telephone number, including area code: (484) 359-7228

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 
 

  

Item 1.01.Entry into a Material Definitive Agreement.

 

On March 31, 2014, WPCS International Incorporated (the “Company”) entered into an asset purchase agreement (the “Agreement”) by and among the Company, WPCS International-Seattle, Inc. (“WPCS-Seattle”) and EC Company, as purchaser. Pursuant to the Agreement, the Company agreed to sell substantially all of the assets of WPCS-Seattle to EC Company for approximately $2.7 million in an all cash transaction. The final closing price is subject to adjustment based on the value of the assets on the closing date. The consummation of the sale is subject to the approval of the Company’s stockholders and the NASDAQ Capital Market. Neither, the Company nor WPCS-Seattle had any prior relationship with EC Company.

 

Item 9.01Financial Statements and Exhibits.

 

(d)Exhibits.

 

10.01Asset Purchase Agreement by and among WPCS International Incorporated, WPCS-Seattle and EC Company dated March 31, 2014.
99.01Press Release dated April 3, 2014.

 

 
 

  

SIGNATURE

 

Pursuant to the requirement of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  WPCS INTERNATIONAL INCORPORATED
   
Date:  April 3, 2014 By: /s/ JOSEPH HEATER
  Joseph Heater
  Chief Financial Officer