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WPCS to buy back 2 million shares

WPCS International Inc., an Exton company that designs and builds communications systems, said its board has approved the repurchase up to two million shares of WPCS common stock until Dec. 1, 2009.

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WPCS International Inc., an Exton company that designs and builds communications systems, said its board has approved the repurchase up to two million shares of WPCS common stock until Dec. 1, 2009.

"Based on current market prices, we believe that our stock is undervalued," CEO Andrew Hidalgo said. "The stock repurchase program should provide greater shareholder value and is a good investment for our available funds."

The timing and amount of the repurchase will vary based on market conditions and other factors, the company said.

The stock repurchase program will be funded using WPCS working capital; as of Oct. 31, the company had cash and cash equivalents of about $13 million. As of Dec. 1, WPCS has about 7.25 million shares of common stock outstanding.

Company shares were trading at $2.1895, up 0.099 cents (4.76 percent), in morning Nasdaq trading.