•On August 15th WPCS International held a special shareholder meeting to vote on the sale of its Seattle Assets.
•94% of shares the voted did so in favor, making this sale the second in weeks following the sale of WPCS' Australian operations.
•The company should raise another $1.5 million in cash.
•Shares are down 23% since my call to invest, were down 68% at one point, but still swing wildly enough to profit from news driven events.
•While I applaud the company for taking necessary measures, I believe my call to invest long-term is too risky and was simply wrong. I reject my thesis.
WPCS International just reported that it has received shareholder approval to sell all of the assets of its Seattle Operations. According to the release and filings to come, on August 15th the company held a special shareholder meeting to vote on this sale. The company had previously urged shareholders to agree to the proposal. This comes just a few short weeks after the sale of Australian operations. The present sale of the assets of the company's wholly owned WPCS International-Seattle was approved by over 94% of total shares that voted. The EC Company, an Oregon-based electrical contracting company, will purchase the assets in an all-cash transaction, at a sales price of approximately $2.7 million, WPCS expects that this transaction will close on or around August 31, 2014 and that it will generate over $1.5 million in working capital.
So what does this news mean? Well....>READ MORE
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