Posts Tagged ‘MBND’

Takeover target WPCS International Inc. (WPCS) leaps in price

Thursday, June 16th, 2011

WPCS International Inc. (Nasdaq: WPCS) shares gained 30.9% to $2.92 today after home-security and media-services provider Multiband Corp. (Nasdaq: MBND) signed a non-binding letter of intent to buy the communications-infrastructure firm for $3.20 a share. Shares in WPCS totaled 876,000, compared to average daily volume of just over 23,000.

The acquisition, which will be subject to customary due diligence, negotiation of a definitive merger agreement and other conditions, including the approval of the shareholders of WPCS, is expected to close by the end of the third quarter of 2011. Multiband is offering $3.20 in cash per share for WPCS shares.

In conjunction with the LOI announcement, Multiband has entered into a separate agreement with a third party to acquire for cash at $3.20 per share approximately 710,000 shares of WPCS’s outstanding common stock, representing an approximate 10% interest in WPCS.

In the June 16 press release announcing the takeover, Multiband CEO James L. Mandel commented, “This strategic acquisition will be significant for Multiband, expanding our service offering across a similar geographic footprint to our current presence and creating opportunity for significant operational leverage through the consolidation of real estate, training, and overhead expenses.

“Once integrated, we expect the acquisition to be immediately accretive, adding more than $100 million in revenue and between $5-8 million in EBITDA, on an annual basis.”

The LOI with WPCS has been approved by the Board of Directors of Multiband.

WPCS, based out of Exton, Pa., is a design-build engineering company that focuses on the implementation requirements of communications infrastructure.

CYBI climbs, CSCO, MBND skid

Thursday, March 31st, 2011

Cybex International, Inc. (Nasdaq: CYBI) shares bolted 16.9% higher to 83 cents, on volume of 116,520 shares, compared to a daily volume of 44,877, on announcing 2010 net sales were $123.0 million compared to $120.5 million for 2009, a 2% increase. The loss for the year ended December 31, 2010 was $58.2 million, or $3.40 per diluted share, compared to a net loss of $2.4 million, or $0.14 per diluted share, for 2009.

Cisco Systems Inc. (Nasdaq: CSCO) bought and sold 38.9 million shares in early afternoon trading on Thursday, compared to a daily volume of 71.9 million. Share prices for CSCO dimmed 0.8% to $17.18.

Multiband Corporation (Nasdaq: MBND) faltered 24.6% in price Thursday to $4.50. Where average share volume would run around 63,000 shares, today’s topped 1.1 million, on word income from operations was $13.7 million from a loss of $7.2 million in fiscal 2009.