SEC Declares Form S-4 “Effective” for Proposed Merger of WPCS with DropCar, Inc.

SUISUN, Calif., Dec. 18, 2017 (GLOBE NEWSWIRE) — WPCS International Incorporated (NASDAQ:WPCS), a low-voltage solutions provider, and DropCar, Inc. (“DropCar”) a privately-held provider of app-based automotive logistics and concierge services for both consumers and the automotive industry, announced today that in connection with their proposed merger (the “Merger”) the WPCS registration statement on Form S-4 (File No. 333-220891) (the “Registration Statement”) was declared “effective” by the U.S. Securities and Exchange Commission (the “SEC”) on December 14, 2017.

WPCS & DropCar, Inc.
SEC Declares Form S-4 “Effective” for
Proposed Merger of WPCS with DropCar, Inc.

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/139450ac-0d26-402e-9d9c-23971089333c

A Special Meeting of WPCS stockholders to vote on the Merger is scheduled to be held on January 17, 2018 at 9:30 a.m. Eastern Daylight Time at the offices of Morse, Zelnick, Rose & Lander, LLP, 825 Third Avenue, 16th Floor, New York, NY 10022.  WPCS stockholders of record as of the close of business on December 14, 2017 are entitled to vote at the Special Meeting. 

According to WPCS Chief Executive Officer, Sebastian Giordano, “Over the past four years, amidst a successful restructuring, WPCS sought viable opportunities that we believed could provide the best potential to build stockholder value.  Our search culminated in identifying DropCar as such an opportunity and, with the effectiveness of the Registration Statement, we are thrilled to be moving another step closer towards completing this transaction.  From a market opportunity perspective, on-demand mobility services are a rapidly growing trend, and, in our evaluation, DropCar is well-positioned in this space, with both its B2C and B2B vehicle support subscription offerings.”

The Registration Statement containing the proxy statement/prospectus/information statement is available through the SEC’s website at www.sec.gov or via www.wpcs.com. WPCS expects to begin mailing the proxy statement/prospectus to stockholders over the coming days. Stockholders holding shares in brokerage accounts should receive proxy statements/prospectuses/information statement from their broker. The proxy statement/prospectus/information statement provides important information about the proposed Merger, as well as voting instructions.

The Merger, if consummated, will result in WPCS stockholders owning approximately 16% of the outstanding shares of WPCS following the Merger.  In addition to WPCS and DropCar stockholder approval of the Merger, the consummation of the Merger is further subject to a $4 – $5 million Merger Financing to be provided by DropCar at closing and other customary closing conditions.  The Merger is expected to close, as soon as practical, following receipt of the required stockholder approvals and the fulfillment of the other closing conditions. 

ABOUT WPCS

WPCS is a full-service, low-voltage solutions provider, installing and servicing integrated structured cabling, audio-visual and security systems for public services, healthcare, energy and corporate enterprise markets in the United States. The Company delivers end-to-end solutions, superior project management and best-in-class products and technology. For more information about WPCS, please visit www.wpcs.com.

ABOUT DROPCAR

Founded and launched in New York City in 2015, DropCar offers a cloud-based platform and mobile app that help consumers and automotive-related companies reduce the cost, hassles and inefficiencies of owning a car, or fleet of cars, in metropolitan areas. Its technology platform blends the efficiency and scale of cloud computing, machine learning and connected cars with the high-touch of highly trained drivers to transport cars to/from fully staffed, secure garages to/from the people (or businesses) who own them. Consumers use DropCar’s mobile app to ease the cost and stress of owning a car in the city. Dealerships, leasing companies, OEMs and shared mobility providers use DropCar’s enterprise platform to reduce costs, streamline logistics and deepen relationships with customers. More information is available at www.dropcar.com.

Additional Information about the Proposed Merger and Where to Find It

In connection with the proposed Merger, a WPCS registration statement on Form S-4, which contains a proxy statement/ prospectus /information statement was declared effective by the SEC on December 14, 2017 (SEC File No. 333-220891). Investors and securityholders of WPCS and DropCar are urged to read the proxy statement/prospectus/information statement, which contains important information about WPCS and DropCar, before making any voting or investment decision with respect to the proposed Merger. The proxy statement/prospectus/information statement and other relevant materials, and any other documents filed by WPCS with the SEC, may be obtained free of charge at the SEC web site at www.sec.gov.

In addition, investors and securityholders may obtain free copies of the documents filed with the SEC by WPCS by directing a written request to:  WPCS International Incorporated, 521 Railroad Way, Suisun City, CA 94585, Attention: Chief Financial Officer.

This communication shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities in the proposed merger shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Participants in the Solicitation

WPCS and its directors and executive officers and DropCar and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of WPCS in the proposed transaction.  Information regarding the special interests of these directors and executive officers in the proposed Merger is included in the proxy statement/prospectus/information statement referred to above. Additional information regarding the directors and executive officers of WPCS is also included in WPCS’s Annual Report on Form 10-K for the year ended April 30, 2017, which was filed with the SEC on July 21, 2017. These documents are available free of charge at the SEC’s web site (www.sec.gov) and from Investor Relations at WPCS at the address described above.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including, but not limited to, statements with respect to the Company’s future growth opportunities and strategic plan. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, other future conditions and the risk factors detailed from time to time in the Company’s periodic filings with the Securities and Exchange Commission, including without limitation, the Company’s Annual Report on Form 10-K for the year ended April 30, 2017. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

INVESTOR RELATIONS CONTACT

Investor Relations Department 
917.909.6330
IR@wpcs.com

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UTStarcom Announces Business Development in India

HONG KONG, Dec. 18, 2017 (GLOBE NEWSWIRE) — UTStarcom (“UTStarcom” or “the Company”) (NASDAQ:UTSI), a global telecommunications infrastructure provider, today announced significant milestones in its effort to develop its business in India, including important customer wins and outsourcing of product manufacturing to local manufacturer.

UTStarcom’s Chief Executive Officer Tim Ti commented, “Demand is rising rapidly for modern broadband services in the Indian telecom market.  This demand is fueling healthy competition, which drives continuous modernization and the use of innovative yet cost-effective solutions.  We believe our recent contract wins in India demonstrate that we are recognized for our high quality products and cost-effective carrier-grade telecom solutions.  We are pleased that BSNL and other customers also recognize our long-term commitment to their market, which ensures them a steady flow of technically advanced products for years to come.”

Tim continued, “Our commitment goes beyond just selling in India, to outsourced manufacturing in India.  We fully embrace the ‘Make in India’ campaign, and are excited to be partnering with local manufacturing firms to produce our equipment in India.”

The company’s major recent wins include several projects with its major strategic customer, Bharat Sanchar Nigam Limited (“BSNL”).  BSNL is one of the largest public sector companies providing a comprehensive range of telecom services in India.  The project wins with BSNL include:

  • BSNL’s nationwide Wi-Fi hotspot network including Wi-Fi offload – UTStarcom will supply major components of the Carrier Wi-Fi network to Himachal Futuristic Communications Ltd. (HFCL), which is the System Integrator to BSNL in this project
     
  • BSNL’s MPLS-TP-based Converged Packet Access Network (CPAN) equipment of various capacities – The Packet Access Network equipment is used in the aggregation of traffic across the BSNL Network.  UTStarcom will serve as a System Integrator in this project
     
  • A new turnkey signaling solution with FMNP functionality-compliant SSTP nodes – The project envisions a large capacity system with planning, engineering, supply, installation, testing, commissioning and migration of all network elements to the new system.  UTStarcom will supply its large capacity Signaling Gateway, software and servers

UTStarcom’s Managing Director of Sales & Marketing in India, Rahul Pandey stated: “Most of these project wins are on a turnkey basis involving a variety of products and range of services.  UTStarcom not only supplies its own products as well as third party equipment as needed, but also assumes the role of a system integrator.  Our strong local team in India supported by our headquarters team ensures timely delivery and smooth implementation of projects.”

Mr. Anupam Srivastava, Chairman and Managing Director of BSNL, commented: “UTStarcom is a strong player in the India telecom market with a solid product portfolio that is suited to our core business.  Most importantly, as we witnessed over the course of many years of cooperation, UTStarcom is a reliable partner that comes with cost effective and good quality solutions which fits into the business needs of BSNL.  We wish UTStarcom be partner in realizing long term vision of BSNL.”

About UTStarcom Holdings Corp.

UTStarcom is a global telecom infrastructure provider dedicated to developing technology that will serve the rapidly growing demand for bandwidth from cloud-based services, mobile, streaming, and other applications.  We work with carriers globally, from Asia to the Americas, to meet this demand through a range of innovative broadband packet optical transport and wireless/fixed-line access products and solutions.  The Company’s end-to-end broadband product portfolio, enhanced through in-house Software Defined Networking (SDN)-based orchestration, enables mobile and fixed-line network operators and enterprises worldwide to build highly efficient and resilient future-proof networks for a range of applications, including mobile backhaul, metro aggregation, broadband access and Wi-Fi data offload.  Our strategic investments in media operational support service providers expand UTStarcom’s capabilities in the field of next generation video platforms.  UTStarcom was founded in 1991, started trading on NASDAQ in 2000, and has operating entities in Hong Kong; Tokyo, Japan; San Jose, USA; Delhi and Bangalore, India; Hangzhou and China.  For more information about UTStarcom, please visit http://www.utstar.com.

About BSNL

Bharat Sanchar Nigam Ltd. was incorporated on 15th September 2000. It took over the business of providing of telecom services and network management from the erstwhile Central Government Departments of Telecom Services (DTS) and Telecom Operations (DTO), with effect from October 1st 2000 on going concern basis.  It is one of the largest & leading public sector units providing comprehensive range of telecom services in India.  BSNL has installed Quality Telecom Network in the country and now focusing on improving it, expanding the network, introducing new telecom services with ICT applications in villages and winning customer’s confidence.  BSNL is one of major service providers in its license area. The company offers wide ranging and most transparent tariff schemes designed to suit every customer.  BSNL has set up a world class multi-gigabit, multi-protocol convergent IP infrastructure that provides convergent services like voice, data and video through the same Backbone and Broadband Access Network.  The company has vast experience in planning, installation, network integration and maintenance of switching and transmission networks and also has a world class ISO 9000 certified Telecom Training Institute.

For investor and media inquiries, please contact:
UTStarcom Holdings Corp.
Tel: +852-3951-9757
Ms. Fei Wang, Director of Investor Relations
Email: fei.wang@utstar.com
Ms. Ning Jiang, Investor Relations
Email: njiang@utstar.com

In the United States:
The Blueshirt Group
Mr. Ralph Fong
Tel: +1 (415) 489-2195
Email: ralph@blueshirtgroup.com

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Nokia Corporation financial calendar for 2018

Nokia Corporation
Stock Exchange Release
December 18, 2017 at 14:30 (CET +1)

Nokia Corporation financial calendar for 2018

Espoo, Finland – In this stock exchange release Nokia provides its financial calendar for 2018, which includes the planned publication dates of its interim reports.

Planned publication dates for Nokia interim reports in 2018:

  • report for Q4 2017 and full year 2017: February 1, 2018;
  • report for Q1 2018: April 26, 2018;
  • report for Q2 2018 and half-year 2018: July 26, 2018; and
  • report for Q3 2018 and January-September 2018: October 25, 2018.

Publication of “Nokia in 2017”
Nokia plans to publish its “Nokia in 2017” annual report, which includes the review by the Board of Directors and the audited annual accounts, in week 12 of 2018.

Nokia’s Annual General Meeting
Nokia’s Annual General Meeting 2018 is planned to be held on May 30, 2018.

About Nokia
We create the technology to connect the world. Powered by the research and innovation of Nokia Bell Labs, we serve communications service providers, governments, large enterprises and consumers, with the industry’s most complete, end-to-end portfolio of products, services and licensing.

From the enabling infrastructure for 5G and the Internet of Things, to emerging applications digital health, we are shaping the future of technology to transform the human experience. www.nokia.com 

Media Enquiries:
Nokia
Communications
Tel. +358 (0) 10 448 4900
Email: press.services@nokia.com
Minna Aila, Vice President, Corporate Affairs