Published:
WPCS Acquires Wind Energy Infrastructure Company
EXTON, Pa., June 30 /PRNewswire-FirstCall/ -- WPCS International
Incorporated (Nasdaq: WPCS), a leader in design-build engineering services for
specialty communication systems and wireless infrastructure, has announced
that it has completed the acquisition of the assets of Lincoln Wind LLC of
Bettendorf, Iowa. The purchase price was $400,000 in cash.
Founded in 2006, Lincoln Wind is an engineering company focused on the
implementation of meteorological towers that measure the wind capacity of
geographic areas prior to the construction of a wind farm. The tower has an
anemometer connected to a data collection device that transmits via wireless
to a central monitoring station that measures wind performance. The tower is
powered by solar energy. Lincoln Wind has developed an outstanding reputation
for complete installation services and maintenance of these meteorological
towers and components for such customers as British Petroleum, Clipper Wind,
Infinity Wind Power and Global Energy Concepts. Historically profitable,
Lincoln Wind is projected to achieve approximately $2 million in revenue and
$500,000 in earnings before interest and taxes over the next twelve months.
Since inception, the company has generated gross margins in the 40% to 45%
range. The transaction closed on June 27, 2008. Lincoln Wind will be
assimilated directly into Max Engineering, a wholly owned subsidiary of WPCS.
Matthew Cumberworth, Managing Director of Lincoln Wind LLC, commented,
"The wind energy market is experiencing significant growth of late and we
believe the opportunities are substantial. In order for our company to take
advantage of this high growth sector, we wanted to team up with a world class
design-build engineering firm that can provide the support and financial
resources to capitalize on the abundant opportunities in the wind energy
sector. WPCS is that company. We are very pleased to be part of WPCS and look
forward to the expansion of our project capacity."
Andrew Hidalgo, CEO of WPCS International Incorporated, commented, "WPCS
has been committed to establishing leadership positions in various specialty
communication systems sectors and alternative energy is a specific focus as
the design-build engineering needs, which include wireless connectivity, are
in high demand. WPCS is currently developing opportunities in the wind energy
sector and the addition of Lincoln Wind and its superb staff of highly trained
technicians will allow WPCS to expand its pursuit of the many projects under
consideration. We are very pleased to add Lincoln Wind and we expect this
company to play a significant role in the continuing development of our
alternative energy infrastructure initiative."
About WPCS International Incorporated:
WPCS is a design-build engineering company that focuses on the
implementation requirements of wireless technology. The company serves the
specialty communication systems and wireless infrastructure sectors and
provides services that include site design, technology integration, electrical
contracting, construction and project management for corporations, government
entities and educational institutions worldwide. For more information, please
visit http://www.wpcs.com.
Statements about the company's future expectations, including future
revenue and earnings and all other statements in this press release, other
than historical facts, are "forward looking" statements and are made pursuant
to the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. Such forward looking statements involve risks and uncertainties and
are subject to change at any time. The company's actual results could differ
materially from expected results. In reflecting subsequent events or
circumstances, the company undertakes no obligation to update forward-looking
statements.
SOURCE WPCS International Incorporated
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