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WPCS International Inc closes sale of Australia Operations

Friday, 1 Aug 2014 08:00am EDT 

WPCS International Inc:Completes sale of The Pride Group (QLD) Pty Ltd., (the Australia Operations), to Turquino Equity LLC (Turquino), whose managing member is Andrew Hidalgo ( Hidalgo), the former Chairman and CEO of WPCS.With the sale, the Company eliminates its outstanding $1.1 mln severance obligation to Hidalgo.Agreed to sell the Australia Operations to Turquino for a purchase price of $1.4 mln.At closing, the purchase price was subject to adjustment based on the net tangible asset value (NTAV) of Australia Operations, and the purchase price was to be settled by applying the net after tax severance balance due Hidalgo as payment towards the purchase price.At the closing, the parties agreed that the closing NTAV of the Australia Operations was $970,000.Hidalgo agreed to reduce the total severance owed to him under his separation agreement by about $167,000 to $970,000, the NTAV of the Australia Operations on the closing date.As a result, the Company was not required to make any further payments to Hidalgo pursuant to his separation agreement. 

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