WPCS International Inc. (NASDAQ: WPCS) said it has entered into an asset purchase agreement with EC Company for approximately USD2.7m.
The agreement proposes that EC, an Oregon-based electrical contracting company, purchase substantially all of the assets and assume certain liabilities of WPCS International- Seattle, Inc. in an all-cash transaction, at a target sales price of approximately USD2.7m, subject to adjustment based on the closing date balance sheet of the Seattle operations.
The closing is anticipated for May 31, 2014.
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.