UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (date of earliest event reported): December 26, 2013
WPCS INTERNATIONAL INCORPORATED
(Exact name of registrant as specified in its charter)
| Delaware | 001-34643 | 98-0204758 |
|
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
One East Uwchlan Avenue, Suite 301, Exton, PA 19341
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code: (610) 903-0400
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 8.01 | Other Events. |
On December 26, 2013, WPCS International Incorporated (the “Company”) issued a press release announcing that the Company’s wholly-owned subsidiary, BTX Trader, LLC, has released a beta version of its Bitcoin trading platform. A copy of the press release that discusses this matter is filed as Exhibit 99.1 to, and incorporated by reference in, this report. The information in this Current Report is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, except as shall be expressly set forth by specific reference in any such filing.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits. |
| 99.1 | Press Release, dated December 26, 2013, issued by WCPS International Incorporated |
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SIGNATURE
Pursuant to the requirement of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
WPCS INTERNATIONAL INCORPORATED | |
| Date: December 26, 2013 | By: /s/ JOSEPH HEATER |
| Joseph Heater | |
| Chief Financial Officer |
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Exhibit 99.1
| PRESS RELEASE | SOURCE: WPCS International Incorporated |
WPCS Announces Public Beta Release of
BTX Bitcoin Trading Platform
EXTON, PA - (Marketwired – December 26, 2013) - WPCS International Incorporated (NASDAQ: WPCS), (“WPCS” or the “Company”), today announced that its wholly-owned subsidiary, BTX Trader, LLC (“BTX Trader” or “BTX”) has released a beta version of its Windows-based trading platform that is now available to the public at www.btxtrader.com. BTX Trader, which was recently acquired by WPCS, is the first trading platform to enable Bitcoin traders and industry researchers to access market data and execute orders on the five most popular Bitcoin exchanges in a single application.
According to Sebastian Giordano, Interim CEO of WPCS, “Now that we have completed this pioneering acquisition in the emerging Bitcoin industry, we intend to hit the ground running. The public release of the beta version of the BTX Trader platform will give the market a preliminary glimpse of some of the features and capabilities that will ultimately help define our unique and proprietary technology.”
“We encourage Bitcoin traders and others to download, install and try out the beta version of the BTX Trader application and take a look at our blog for the latest updates. Obviously, we are still in development mode, but we’re on schedule to release both web and mobile versions of our platform by early 2014, continued BTX Trader Chief Operating Officer, Ilya Subkhankulov.
Divya Thakur, BTX Trader Chief Technology Officer added that, “a key differentiating aspect of our professional grade user interface is that it utilizes a proprietary BTX logic that we believe will help traders better manage risk.”
Current beta features include:
| · | Order Entry |
Standard limit orders and stop limit orders on five exchanges – CampBX, BTC-E,
BitStamp, BTC China and Mt. Gox;
| · | Trade Life Cycle Management |
Blotter window to monitor positions and orders, including the ability to cancel orders;
| · | Market Data |
Real-time information for six exchanges: CampBX, BTC-E, BitStamp, BTC China,
Mt. Gox & CaVirtex displaying time and sales trades; quotes with latest prices
bid/ask/last prices; tick charts showing bid/ask/last over the past four hours; and,
bar charts for longer term price trend analysis.
Giordano concluded that, “in addition to continuing the aggressive steps initiated in August 2013 to improve WPCS’ balance sheet and performance through, amongst other things, cost reductions, debt restructuring, cessation and sale of negative cash flow businesses, and focusing on our remaining profitable engineering subsidiaries, we fully expect that BTX Trader will begin generating revenue by mid-year of calendar 2014. This public beta release is merely the first step towards establishing and then growing the Bitcoin segment of our business.”
About WPCS International Incorporated
WPCS operates in two business segments including: providing engineering capabilities such as wireless communication, specialty construction and electrical power to the public services, healthcare, energy and corporate enterprise markets worldwide, and developing a Bitcoin trading platform. For more information, please visit www.wpcs.com and www.btxtrader.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. | ||
CONTACT:
WPCS International Incorporated
610-903-0400 x104
ir@wpcs.com
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