Engineering group WPCS International Inc. (Nasdaq: WPCS) is selling a business unit after it raised doubts about the company’s ability to continue without liquidating.
WPCS agreed to sell its Australian operations, called the Pride Group Pty Ltd., to Turquino Equity LLC for $1.4 million. Turquino is managed by Andrew Hidalgo, the former CEO of WPCS. On July 24, the company entered into a separation agreement with Hidalgo. He resigned on July 30. Part of that agreement included Hidalgo’s submitting an offer for a WPCS subsidiary.