Multiband Completes Initial Portion of WPCS Acquisition
Multiband Corporation (NASDAQ: MBND) today announced that it has completed the initial portion of its previously announced letter of intent for the acquisition of the WPCS International Incorporated (NASDAQ: WPCS) operation centers located in St. Louis, Missouri and Sarasota, Florida effective September 1, 2011.
The purchase price of this portion of the acquisition was closed for a total of $2.0 million, including $1.25 million in cash and $750,000 from the original $1.0 million escrow fund. The newly acquired business will be named Multiband Engineering and Wireless. The two locations have approximately 55 employees and Multiband will begin consolidating revenues from these operations effective September 1. These two operation centers produced approximately $13.0 million in revenue during WPCS's 2011 fiscal year ended April 30, 2011.
