Filed by WPCS International Incorporated
Pursuant to Rule 425 under the Securities
Act of 1933
And deemed filed pursuant to Rule 14a-12
Of the Securities Exchange Act of 1934, as
amended
Subject Company: WPCS International Incorporated
Commission File No.: 001-34643
DropCar Enhances its Enterprise Vehicle
Assistance & Logistics (VAL) Platform
with New CRM Toolset
Turnkey solution lets dealers rapidly
launch door-to-door valet pickup and delivery of vehicles for
servicing with consumer-directed web booking
NEW YORK (December 7, 2017)
DropCar, a provider of automotive
vehicle support and concierge services for both consumers and the automotive industry, today announced an upgrade to its Enterprise
Vehicle Assistance and Logistics (VAL) platform, utilized by automobile dealerships to schedule valet pickup and drop-off of customer
vehicles for service and maintenance appointments. The new toolset gives customers one-click access to the scheduling system, making
it easier and more convenient for both dealerships and customers to facilitate these appointments.
The DropCar VAL platform is a web-based interface to DropCar’s
core service that coordinates the movements and schedules of trained valets who pickup and drop off cars at dealerships and customer
locations. The app tracks progress and provides email and text notifications on status to both dealers and customers, increasing
the quality of communication and subsequent satisfaction with the service.
“This upgrade to VAL for our enterprise clients fit perfectly
with today’s mobile-first, on-demand, efficiency-minded urban resident,” said Spencer Richardson, co-founder and CEO
of DropCar. “It simplifies the entire maintenance lifecycle for the car owner and helps dealers develop and preserve valuable,
long-term customer relationships.”
DropCar’s VAL system dispatches professional valets to
pick up the car from the customer and deliver it to the dealer, and back to the customer when the service is complete. This high-touch
service enables dealers to retain valuable post-sale service contracts and revenue from their customers. Prior to this upgrade,
service scheduling was done by a dealership service representative; now, with DropCar’s VAL platform, car owners can directly
access the portal with a single click to schedule a car pickup. Via their mobile device, car owners can also monitor in real time
on a live map the exact location and status of their vehicle during transport.
“DropCar’s vehicle support and valet service has
provided a new way to deepen relationships with our customers by offering them a service that saves them time and hassle, while
simultaneously protecting the investment they’ve made in their vehicle,” said Al Louzoun, General Manager of Queensboro
Toyota. “With DropCar, it’s a snap for them to schedule service, knowing that the car will be picked up, serviced and
returned to them on the date, time and location of their choosing.”
DropCar’s VAL platform helps dealerships address challenges
stemming from the following major societal shifts:
|
●
|
Today’s urban professionals have limited time to bring in their vehicles for maintenance and service;
|
|
●
|
Increasing real estate costs are forcing many of the vehicle support centers for automotive providers (i.e., dealerships, including
body work and diagnostic shops) farther outside of dense urban areas; and
|
|
●
|
New market entrants now offer to bring services, such as fueling, damage repair, oil changes, etc., directly to the vehicle
owner.
|
Collectively, these trends are making it harder for dealers
to maintain a relationship with the customer after he or she drives off the lot. DropCar believes it is well positioned to become
a key partner in helping dealers leverage technology to reverse these trends.
On September 6, 2017, DropCar and
WPCS
International Incorporated
(
NASDAQ
:
WPCS
), entered into a definitive merger agreement whereby DropCar will merge with
a wholly-owned subsidiary of WPCS with the DropCar securityholders receiving approximately
84% of the outstanding shares
of WPCS common stock on a fully-diluted basis.
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 urban centers. Its technology platform blends the efficiency and scale of cloud computing,
machine learning and connected cars with the high-touch of highly trained valets 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
.
Media Contact
John Williams, Scoville PR for DropCar
jwilliams@scovillepr.com
(206) 625-0075
Investor Relations Contact
Daniel Gelbtuch, VP of Corporate Finance for DropCar
daniel@dropcar.com
(917)
509-9582
* * * * *
Forward-Looking Statements
This press release contains “forward-looking statements”
that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation
Reform Act of 1995. All statements, other than statements of historical facts, included in this press release regarding strategy,
future operations, future financial position, future revenue, projected expenses, prospects, plans and objectives of management
are forward-looking statements. Such statements are based on management’s current expectations and involve risks and uncertainties.
Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many
factors, including, without limitation, the ability to project future cash utilization and reserves needed for contingent future
liabilities and business operations, the availability of sufficient resources of the combined company to meet its business objectives
and operational requirements and the impact of competitive products and services and technological changes. The foregoing review
of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should
be read in conjunction with statements that are included herein and elsewhere, including the risk factors included in WPCS International
Incorporated’s (“WPCS”) registration statement on Form S-4, including the proxy statement/prospectus/information
statement therein, WPCS’ most recent Annual Report on Form 10-K, and WPCS’ recent Quarterly Report on Form 10-Q and
Current Reports on Form 8-K filed with the Securities and Exchange Commission (the “SEC”). DropCar and WPCS can give
no assurance that the conditions to the transaction will be satisfied. Except as required by applicable law, DropCar and WPCS undertake
no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a
result of new information, future events or otherwise.
No Offer or Solicitation
This communication is not intended to and does not constitute
an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities
or the solicitation of any vote in any jurisdiction pursuant to the proposed transaction or otherwise, nor shall there be any sale,
issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be
made except by means of a prospectus meeting the requirements of Section 10 of the United States Securities Act of 1933, as
amended. Subject to certain exceptions to be approved by the relevant regulators or certain facts to be ascertained, the public
offer will not be made directly or indirectly, in or into any jurisdiction where to do so would constitute a violation of the laws
of such jurisdiction, or by use of the mails or by any means or instrumentality (including without limitation, facsimile transmission,
telephone and the internet) of interstate or foreign commerce, or any facility of a national securities exchange, of any such jurisdiction.
Additional Information and Where to Find It
In connection with the proposed transaction between WPCS and
DropCar, WPCS has filed relevant materials with the SEC, including a registration statement that contains a proxy statement and
prospectus but the registration statement has not yet become effective.
DROPCAR AND WPCS URGE INVESTORS AND STOCKHOLDERS
TO READ THESE MATERIALS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION
ABOUT DROPCAR, WPCS, THE PROPOSED TRANSACTION AND RELATED MATTERS
. Investors and shareholders will be able to obtain
free copies of the proxy statement, prospectus and other documents filed by WPCS with the SEC through the website maintained by
the SEC at www.sec.gov. In addition, investors and stockholders will be able to obtain free copies of the proxy statement,
prospectus and other documents filed by WPCS with the SEC by contacting Investor Relations by mail at WPCS International Incorporated,
521 Railroad Way, Suisun City, CA 94585, Attention: Chief Financial Officer. Investors and stockholders are urged to read
the proxy statement, prospectus and the other relevant materials when they become available before making any voting or investment
decision with respect to the proposed transaction.
Participants in the Solicitation
WPCS and DropCar, and each of their respective directors
and executive officers and certain of their other members of management and employees, may be deemed to be participants in
the solicitation of proxies in connection with the proposed transaction. Information about WPCS’s directors and
executive officers is included in WPCS’s Annual Report on Form 10-K for the year April 30, 2017, filed with the
SEC on July 21, 2017. Additional information regarding these persons and their interests in the transaction will be
included in the proxy statement relating to the transaction when it is filed with the SEC. These documents can be obtained
free of charge from the sources indicated below.
DropCar (NASDAQ:DCAR)
Historical Stock Chart
From Mar 2024 to Apr 2024
DropCar (NASDAQ:DCAR)
Historical Stock Chart
From Apr 2023 to Apr 2024