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Wpcs Signs Non-binding Letter Of Intent To Sell Its Ownership Stake In China Joint Venture

Letter of Intent

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 This Letter of Intent involves

WPCS INTERNATIONAL INC | AIC Investments Limited | China Joint Venture | EXTON, PA | Taian AGS Pipeline Construction Co Ltd | WPCS International Incorporated

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Title: WPCS Signs Non-Binding Letter of Intent to Sell its Ownership Stake in China Joint Venture
Date: 5/14/2014
Industry: Construction Services     Sector: Capital Goods

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Exhibit 99.1

 

 

WPCS Signs Non-Binding Letter of Intent

to Sell its Ownership Stake in China Joint Venture

 

EXTON, PA - (Marketwired – May 14, 2014) - WPCS International Incorporated (NASDAQ: WPCS) which specializes in contracting services for communications infrastructure and the development of a Bitcoin trading platform, today announced that the Company has signed a non-binding letter of intent (“LOI”) to sell its 60% majority ownership interest in Taian AGS Pipeline Construction Co. Ltd. (the “China Operations”), to AIC Investments Limited, a Hong Kong company (“AIC”), in an all-cash transaction valued at $2.1 Million. The consummation of this transaction is subject to a number of conditions, including, but not limited to, completion of due diligence by AIC, the negotiation and execution of a definitive purchase agreement, third party governmental and regulatory consents, approval of the board of directors from the Company and AIC, shareholder approval of the Company and approval from holders of senior secured debt of the Company.

 

Sebastian Giordano, Interim Chief Executive Officer, commented, “While we value our long-standing relationship with our joint venture partner, we are very pleased to enter into this LOI to sell our position in our China Operations. We expect that this divestiture will net the C


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