WPCS International Inc. (NASDAQ: WPCS) said it has has initiated a search for a president for its Bitcoin trading platform, BTX Trader, LLC (BTX); secured office space for BTX in New York City; and is currently pursuing several key BTX-related strategic initiatives that it hopes to be able to report upon early in 2014. In addition, since announcing the public beta of its BTX trading platform, the company has experienced a 600% increase in beta enrollments;
With its corporate office lease expiring on January 31, 2014, the company will be relocating to a smaller, lower cost space, which will be accompanied by further reductions in related overhead expenses. Recently, the company entered into a separation agreement with a former executive that it expects will save approximately USD200,000 in future compensation expense; and
WPCS operates in two business segments: providing communications infrastructure contracting services to the public services, healthcare, energy and corporate enterprise markets worldwide; and developing a Bitcoin trading platform. For more information, visit www.wpcs.com and www.btxtrader.com.