WPCS International Inc. (NASDAQ: WPCS) said it has entered into a definitive stock purchase agreement for the sale of The Pride Group (QLD) Pty Ltd., to Turquino Equity LLC, for a purchase price of USD1.4m.
Turquino´s managing member is Andrew Hidalgo, former chairman and CEO of WPCS.
At closing, the company will settle the purchase price with Turquino by applying the net after tax severance balance due Hidalgo under his separation agreement, as partial payment towards the purchase price of the Australia Operations, and the company will receive cash from Turquino for the difference between the purchase price and the net severance balance due. The closing is anticipated for November 1.
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, visit www.wpcs.com.