Sebastian Giordano, Interim CEO of WPCS, commented, "We believe that the restructuring plan we launched in August 2013 to, amongst other things: (i) eliminate all secured and unsecured notes; (ii) sell, or close, all unprofitable and non-core operations; and (iii) significantly reduce administrative overhead, has successfully been achieved. In addition, we have (i) resolved our recent NASDAQ compliance issues; (ii) raised capital; and (iii) demonstrated our ability to continue as a going concern for the next twelve months.
"Moreover, we are awaiting the final approval from the Tai’an Bureau of Commerce and Industry to close on the sale of our Chinese joint venture interest.
"Looking ahead, with a profitable business to build upon and a much-improved balance sheet, we believe that we are well positioned to pursue all viable options to profitably build WPCS, both organically and strategically, the primary goal of which is to deliver increased shareholder value. Management and the board of directors are very pleased to add the WestPark Capital team as another key member of professional advisors to the Company."
"With its successful restructuring plan now completed, we are pleased to be working with WPCS to chart a course for renewed profitability and enhanced shareholder value," stated Jonathan Blum, Managing Director of WestPark Capital.
