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WPCS (OTCBB) WPCS Completes Financing For The Acquisition Of Invisinet Incorporated

MONDAY , DECEMBER 02, 2002 08:39 AM

EXTON, Pa., Dec 2, 2002 (BUSINESS WIRE) -- WPCS International Incorporated (OTCBB:WPCS) today announced it has completed a financing transaction, raising $1,000,000 in equity.

The shares issued are convertible into common stock at a conversion price of $1.25 per share. Andrew Hidalgo, Chairman & CEO stated, "WPCS International's ability to attract financing in a challenging and highly critical capital market environment shows confidence in both the market opportunity as well as the company's business model and execution abilities."

With the Invisinet acquisition, WPCS has strengthened its strategic network planning and consulting services while adding customers such as EDS, Associated Press International and Fidelity Investments to its growing clientele of Fortune 1000 companies.

In a recent article published by the Synergy Research Group, a company that provides quarterly market analysis for the industry, the worldwide wireless local area network market continued its strong growth in the third quarter 2002. WPCS International seeks to be a leading provider of end-to-end wireless solutions.

The company expects to continue to achieve its goals through internal organic growth and value-based, value-added acquisitions.



About WPCS International Incorporated:


WPCS is a provider of end-to-end fixed wireless solutions. WPCS is an assimilator and integrator of wireless technologies providing cost effective, best-of-breed solutions to meet the needs of the corporate, government and educational markets both domestic and international.

The WPCS product and service solutions cater to a diverse and growing customer base that includes Safeway, UPS, Schlumberger, Yellowstone National Park and the FAA.

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 safe harbor provisions of the Securities Exchange Act of 1934. 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, Exton
Carol Lindley, 610/903-0400
[e-mail]
www.wpcs.com

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