Below is the News from Reuters

WPCS International Inc

Multiband Corporation announced that it has signed a non-binding letter of intent (LOI) to acquire WPCS International Incorporated, based in Exton, Penn. The acquisition, 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. Multiband, in exchange for a 120 day exclusive period (90 days with a 30 day extension option) in which to close the transaction, has agreed to a one million dollar down payment, refundable in the event the definitive agreement is materially breached by WPCS or certain other circumstances. 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. To fund the balance of the transaction, Multiband has received a commitment letter for a senior debt facility. This facility, will be used to repay the entire $29 million promissory note of Multiband held by DirecTech and to provide the capital to acquire 100% of WPCS, as well as to fund other strategic opportunities.