WPCS International Incorporated

WPCS International Incorporated is listed on NASDAQ (WPCS). This Annual Report on Form 10-KSB (including the section regarding Managements Discussion and Analysis of Financial Condition and Results of Operations) contains forward-looking statements regarding our business, financial condition, results of operations and prospects. Words such as expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements, but are not deemed to represent an all-inclusive means of identifying forward-looking statements as denoted in this Annual Report on Form 10-KSB. Additionally, statements concerning future matters are forward-looking statements. Although forward-looking statements in this Annual Report on Form 10-KSB reflect the good faith judgment of our Management, such statements can only be based on facts and factors currently known by us.

WPP Group plc

WPP Group plc is listed on NASDAQ (WPPGY). The Company operates through a number of established global, multinational and national advertising and marketing services companies that are organised into four business segments. Our largest segment is Advertising and Media investment management where we operate the well-known advertising networks JWT, Ogilvy & Mather Worldwide, Red Cell, Y&R and Bates Asia as well as media investment management companies such as MindShare and Mediaedge:cia. Our other segments are Information, insight and consultancy (where our operations are conducted through Kantar Media Research, Millward Brown, Research International and other companies), Public relations and public affairs (where we operate through well-known companies such as Burson-Marsteller, Cohn & Wolfe, Hill & Knowlton and Ogilvy Public Relations Worldwide) and Branding & identity, Healthcare and Specialist communications (where our operations are conducted by Enterprise IG, Landor Ass

AGCO Corporation ..pril 1991. Our executive offices are located at 4205 River Green Parkway, Duluth, Georgia 30096, and our telephone number is 770-813-9200. Unless othe..

ArQule Inc. ..arch and development of cancer therapeutics. Our mission is to research, develop, and commercialize broadly effective cancer drugs with reduced toxici..

ALCAN Inc. ..oup involved in many aspects of the aluminum and packaging industries. Through Subsidiaries, Joint Ventures and Related Companies around the world, th..

American Biltrite Inc. ..rite Inc. (together with, unless the context otherwise indicates, its wholly-owned subsidiaries and K&M Associates L.P., ABI) was organized in 1908 an..

Amtech Systems Inc. ..Arizona in October 1981, under the name Quartz Engineering & Materials, Inc., and changed to its present name in 1987. Amtech also conducts operations..

Alliance Resource Partners L.P. .. to major U.S. utilities and industrial users. In 2004, our total production was 20.4 million tons and our total sales were 20.8 million tons. The coa..

Apollo Investment Corporation .. a Maryland corporation organized on February 2, 2004, is a closed-end, non-diversified management investment company that has filed an election to be..

Arch Capital Group Ltd. ..ctors for a discussion of risk factors relating to our business. OUR COMPANY General Arch Capital Group Ltd. (ACGL and, together with its subsidiaries..

Administradora de Fondos de Pensiones-Provida S.A. ..velopment Administradora de Fondos de Pensiones Provida S.A. is a corporation formed under the laws of Chile. Its deed of incorporation was executed o..

Astec Industries Inc. .. which was incorporated in 1972. The Company designs, engineers, manufactures and markets equipment and components used primarily in road building and..

Avigen Inc. ..mercializing innovative therapeutics to treat serious disorders, primarily for neurological conditions. The Company is shifting its focus from DNA-bas..

Axonyx Inc. ..for $50 million of securities through the sale of 9,650,183 shares of common stock at $5.15 per share with new and existing institutional investors. T..

Beazer Homes USA Inc. ..0 Abernathy Road, Suite 1200, Atlanta, Georgia 30328, telephone (770) 829-3700. We also provide information about our active communities and mortgage ..

BANCO DE CHILE ..ed in 1893, and we believe that we have been, for much of our recent history, among the largest and most profitable Chilean banks in terms of return o..

BENNETT ENVIRONMENTAL INC .. Corporation is engaged in the business of using thermal oxidation technology to remediate contaminated soil, contaminated construction debris and mer..

BJs Wholesale Club Inc. ..concept to New England in 1984 and has since expanded to become a leading warehouse club operator in the eastern United States. As of January 29, 2005..

BSD Medical Corporation ..s that deliver precision-focused radio frequency (RF) and microwave energy into diseased sites of the body, heating them to specified temperatures as ..

Blue Square - Israel Ltd. .. Ltd. was incorporated in June 1988 as a company under the laws of the State of Israel. Blue Square's principal executive offices are located at 2 Ham..

BEAR STEARNS CAPITAL TR III .. incorporated under the laws of the State of Delaware on August 21, 1985. The Company is a holding company that through its broker-dealer and internat..

Bombay Company Inc. (The) ..idiaries design, source and market a line of proprietary home furnishings that includes large furniture, occasional furniture, wall decor and decorati..

Cascade Bancorp ..inancial Holding Company formed in 1990 and headquartered in Bend, Oregon, with its principal subsidiary Bank of the Cascades. Together these entities..

Cato Corporation (The) ..'s fashion specialty stores at January 29, 2005, under the names Cato, Cato Fashions, Cato Plus and It's Fashion! in 29 states, principally in the sou..

Capital City Bank Group ..al holding company registered under the Gramm-Leach-Bliley Act of 1999 (Gramm- Leach-Bliley Act) and is subject to the Bank Holding Company Act of 195..

Celebrate Express Inc. ..at involve many risks and uncertainties. These statements relate to future events and our future performance that are based on current expectations, e..

CNS Inc. .. consumer health care products, including Breathe Right branded products that focus on better breathing, and FiberChoice branded products that focus o..

Computer Associates International Inc. ..providers of management software. We design, market, and license computer software products that allow businesses to run, manage, and automate critica..

Charter Communications Inc. ..and communications company operating in the United States, with approximately 6.22 million customers at December 31, 2004. Through our broadband netwo..

Clear Channel Communications Inc. ..d media company with three reportable business segments: radio broadcasting, outdoor advertising and live entertainment. We were incorporated in Texas..

CenterPoint Energy Inc (Holding Co) ..rect wholly owned subsidiaries include: - CenterPoint Energy Houston Electric, LLC (CenterPoint Houston), which provides electric transmission and dis..

Community Bancshares Inc. (DE) ..ing company that owns 100% of Community Funding, Community Bank and Community Bank's subsidiaries; . Community Bank, a community-focused Alabama comme..

Capital Senior Living Corporation ..oration (together with its subsidiaries), is one of the largest operators of senior living communities in the United States in terms of resident capac..

Crane Company .. engineered industrial products. Founded in 1855, the Company employs over 10,500 people in North America, South America, Europe, Asia and Australia. ..

Compuware Corporation ..ing software products and professional services that increase the productivity of information technology (IT) departments. Originally founded as a pro..

Charles & Colvard Ltd ..orporation that manufactures, markets and distributes Charles & Colvard created moissanite jewels (also called moissanite or moissanite jewels) for sa..

Covance Inc. ..s company providing a wide range of early stage and late stage product development services on a worldwide basis primarily to the pharmaceutical, biot..

Cytogen Corporation .. NJ is a product-driven biopharmaceutical company that develops and commercializes innovative molecules that can be used to build leading franchises a..

DocuCorp International Inc. ..markets and supports Customer Communication Management (CCM) solutions via a portfolio of proprietary information software, application service provid..

Deb Shops Inc. .. apparel retail stores in regional malls and strip shopping centers principally located in the East and Midwest regions of the United States. The Comp..

Direct General Corporation ..ille, Tennessee, was incorporated 1993 and is a financial services holding company whose principal operating subsidiaries provide non-standard persona..

Dow Chemical Company (The) ..under Delaware law and is the successor to a Michigan corporation, of the same name, organized in 1897. On February 6, 2001, the merger of Union Carbi..

Domtar Incorporated ..eographic Area Information Financial information pertaining to Domtar's consolidated industry, geographical segments and export sales is presented in ..

eBay Inc. ..eptember 1995 and was incorporated in California in May 1996. In April 1998, we reincorporated in Delaware and in September 1998 we completed the init..

EMPIRE DIST ELEC TR I ..poration organized in 1909, is an operating public utility engaged in the generation, purchase, transmission, distribution and sale of electricity in ..

ECtel Ltd. .. April 1998, we operated under the name ECI Telesystems Ltd. We were incorporated as a wholly-owned subsidiary of ECI Telecom Ltd. on April 4, 1990, u..

Elite Pharmaceuticals Inc. ..) was incorporated on October 1, 1997 under the laws of the State of Delaware, and our wholly-owned subsidiaries, Elite Laboratories, Inc. (Elite Labs..

Endwave Corporation .. or RF, modules that enable the transmission, reception and processing of high frequency signals in telecommunication networks, defense electronics an..

Evans Bancorp Inc. ..ation which is registered as a financial holding company under the Bank Holding Company Act of 1956, as amended (the BHCA). The principal offices of t..

Eagle Materials Inc .. as we or us) is a manufacturer of basic building materials including gypsum wallboard, cement, gypsum paperboard and concrete and aggregates. We were..

FARO Technologies Inc. ..s portable, software-driven, 3-D measurement systems that are used in a broad range of manufacturing and industrial applications. The Companys princip..

First Community Corporation ..orward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and the Securities Exchange Act of 1934. These statements ar..

FIAT S P A ..groups in Italy. We also have extensive operations in the rest of Europe, the U.S. and in other parts of the world. In 1999, we celebrated our centena..

First of Long Island Corporation (The) ..olding Company, was incorporated on February 7, 1984 for the purpose of providing financial services through its wholly-owned subsidiary, The First Na..

Fortune Diversified Industries Inc. .. corporation incorporated in the State of Delaware in 1988. The Company has conducted its business directly and through wholly-owned subsidiaries. The..

First South Bancorp Inc ..95 states that the disclosure of forward looking information is desirable for investors and encourages such disclosure by providing a safe harbor for ..

France Telecom S.A. ..AND DEVELOPMENT 4.1.1 LEGAL NAME AND COMMERCIAL NAME France Telecom 4.1.2 REGISTRATION LOCATION AND NUMBER Trade Register No. 380 129 866 R.C.S. Paris..

Firstbank Corporation ..The Corporation owns all of the outstanding stock of Firstbank - Alma, Firstbank (Mt. Pleasant), Firstbank - West Branch, Firstbank - Lakeview, Firstb..

Geron Corporation ..loping and commercializing therapeutic and diagnostic products for cancer based on our telomerase technology, and cell-based therapeutics using our hu..

Gold Kist Inc. ..y in the United States, accounting for over 9% of chicken, or broiler, meat produced in the United States in 2004. In addition, we believe we are the ..

Generex Biotechnology Corporation ..opment of drug delivery technologies. Our primary focus at the present time is our proprietary technology for the administration of formulations of la..

Guaranty Federal Bancshares Inc. ..at was created in September 1997 at the direction of Guaranty Federal Savings Bank, a federal savings bank. The Company became a unitary savings and l..

GRAY TELEVISION INC .. the words Gray, Company, our, us and we refer to Gray Television, Inc. and its subsidiaries. Our discussion of the television stations that we own an..

Hitachi Ltd. ..c repair shop and was incorporated as Hitachi, Ltd. (Kabushiki Kaisha Hitachi Seisakusho), a joint stock corporation, in 1920 under the laws of Japan...

Halifax Corporation ..ur, or us), headquartered in Alexandria, Virginia provides a comprehensive range of enterprise maintenance services and solutions to a broad base of c..

Impac Mortgage Holdings Inc. ..orward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forw..