StableX Technologies, Inc. — Major Shareholding Notification 2010

Sep 7, 2010

SC 13D/A 1 e607493_sc13da-wpcs.htm Unassociated Document Licensed to: edata Document Created using EDGARizerAgent5.1.3.0 Copyright 1995 - 2009 Thomson Reuters. All rights reserved.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO

§ 240.13d-2(a)

(Amendment No. 4) 1

WPCS International Incorporated

(Name of Issuer)

Common Stock , $0.0001 Par Value

(Title of Class of Securities)

92931L203

(CUSIP Number)

Riley Investment Management LLC

Attn: Bryant R. Riley

11100 Santa Monica Blvd.

Suite 800

Los Angeles, CA 90025

(310) 966-1444

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

September 1, 2010

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ¨ .

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent.

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1 The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes ).

CUSIP NO. 92931L203

| 1 | NAME OF REPORTING PERSON RILEY INVESTMENT PARTNERS, L.P. | | | --- | --- | --- | | 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ý (b) o | | 3 | SEC USE ONLY | | | 4 | SOURCE OF FUNDS WC | | | 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ¨ | | 6 | CITIZENSHIP OR PLACE OF ORGANIZATION Delaware | | | NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER 196,122 | | | 8 | SHARED VOTING POWER - 0

• | | | 9 | SOLE DISPOSITIVE POWER 196,122 | | | 10 | SHARED DISPOSITIVE POWER - 0
• | | 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 196,122 | | | 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | o | | 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.8% | | | 14 | TYPE OF REPORTING PERSON PN | |

2

CUSIP NO. 92931L203

| 1 | NAME OF REPORTING PERSON RILEY INVESTMENT MANAGEMENT LLC | | | --- | --- | --- | | 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ý (b) o | | 3 | SEC USE ONLY | | | 4 | SOURCE OF FUNDS AF | | | 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ¨ | | 6 | CITIZENSHIP OR PLACE OF ORGANIZATION Delaware | | | NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER 439,122 1 | | | 8 | SHARED VOTING POWER 209,164 2 | | | 9 | SOLE DISPOSITIVE POWER 439,122 1 | | | 10 | SHARED DISPOSITIVE POWER 209,164 2 | | 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 439,122 1 | | | 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | o | | 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.3% 1 | | | 14 | TYPE OF REPORTING PERSON IA | |

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1 Because Riley Investment Management LLC has sole investment and voting power over 196,122 Shares held by Riley Investment Partners, L.P. and 243,000 Shares held in managed accounts by its investment advisory clients, Riley Investment Management LLC may be deemed to have beneficial ownership of these Shares.

2 Riley Investment Management LLC has shared voting and dispositive power over 209,164 Shares held by its investment advisory clients. However, Riley Investment Management LLC disclaims beneficial ownership of the non-affiliated Shares.

3

CUSIP NO. 92931L203

| 1 | NAME OF REPORTING PERSON B. RILEY & CO., LLC | | | --- | --- | --- | | 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ý (b) o | | 3 | SEC USE ONLY | | | 4 | SOURCE OF FUNDS WC | | | 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ¨ | | 6 | CITIZENSHIP OR PLACE OF ORGANIZATION Delaware | | | NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER - 0

• | | | 8 | SHARED VOTING POWER - 0
• | | | 9 | SOLE DISPOSITIVE POWER - 0
• | | | 10 | SHARED DISPOSITIVE POWER - 0
• | | 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON - 0
• | | | 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | o | | 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0% | | | 14 | TYPE OF REPORTING PERSON BD | |

4

CUSIP NO. 92931L203

| 1 | NAME OF REPORTING PERSON BRYANT R. RILEY | | | --- | --- | --- | | 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ý (b) o | | 3 | SEC USE ONLY | | | 4 | SOURCE OF FUNDS AF, PF | | | 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ¨ | | 6 | CITIZENSHIP OR PLACE OF ORGANIZATION United States | | | NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER 532,221 1 | | | 8 | SHARED VOTING POWER 209,164 2 | | | 9 | SOLE DISPOSITIVE POWER 532,221 1 | | | 10 | SHARED DISPOSITIVE POWER 209,164 2 | | 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 532,221 1 | | | 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | o | | 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.7% 1 | | | 14 | TYPE OF REPORTING PERSON IN | |

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1 Because Riley Investment Management LLC has sole voting and investment power over security holdings of Riley Investment Partners, L.P. and certain managed accounts of its investment advisory clients, and Mr. Riley, in his role as the sole manager of Riley Investment Management LLC, controls its voting and investment decisions. Accordingly, Mr. Riley may be deemed to have beneficial ownership of the 196,122 Shares held by Riley Investment Partners, L.P., and the 243,000 Shares held in managed accounts by investment advisory clients of Riley Investment Management LLC. Includes 93,099 Shares held by Bryant and Carleen Riley.

2 As the sole manager of Riley Investment Management LLC, Mr. Riley has shared voting and dispositive power over 209,164 Shares held by investment advisory clients of Riley Investment Management LLC. Mr. Riley disclaims beneficial ownership of the non-affiliated Shares.

5

CUSIP NO. 92931L203

| 1 | NAME OF REPORTING PERSON LLOYD I. MILLER, III | | | --- | --- | --- | | 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ý (b) o | | 3 | SEC USE ONLY | | | 4 | SOURCE OF FUNDS PF-AF-OO | | | 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ¨ | | 6 | CITIZENSHIP OR PLACE OF ORGANIZATION United States | | | NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER 174,679 | | | 8 | SHARED VOTING POWER - 0

• | | | 9 | SOLE DISPOSITIVE POWER 174,679 | | | 10 | SHARED DISPOSITIVE POWER - 0
• | | 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 174,679 | | | 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | o | | 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.5% | | | 14 | TYPE OF REPORTING PERSON IA, IN, OO | |

6

CUSIP NO. 92931L203

| 1 | NAME OF REPORTING PERSON TELECOM GLOBAL INC. | | | --- | --- | --- | | 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ý (b) o | | 3 | SEC USE ONLY | | | 4 | SOURCE OF FUNDS OO | | | 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ¨ | | 6 | CITIZENSHIP OR PLACE OF ORGANIZATION Delaware | | | NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER - 0

• | | | 8 | SHARED VOTING POWER - 0
• | | | 9 | SOLE DISPOSITIVE POWER - 0
• | | | 10 | SHARED DISPOSITIVE POWER - 0
• | | 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON - 0
• | | | 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | o | | 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 0% | | | 14 | TYPE OF REPORTING PERSON CO | |

7

CUSIP NO. 92931L203

The following constitutes Amendment No. 4 (“Amendment No. 4”) to the Schedule 13D filed by the undersigned. This Amendment No. 4 amends the Schedule 13D as specifically set forth.

ITEM 3. Source and Amount of Funds or Other Consideration .

Item 3 is hereby amended and restated to read as follows:

The Shares owned by Riley Investment Partners, L.P. (“RIP”) and by B. Riley & Co., LLC (“BRC”), were acquired with working capital. The Shares owned by certain managed accounts of Riley Investment Management LLC (“RIM”) and by Mr. Riley were acquired with affiliated funds and personal funds. The aggregate purchase price of the 741,385 Shares beneficially owned in the aggregate by RIP, RIM, Mr. Riley and the investment advisory clients is approximately $2,267,637.

Each of RIP, RIM and BRC effects purchases of securities primarily through margin accounts maintained for it with prime brokers or other custodians, which may extend margin credit to it as and when required to open or carry positions in the margin accounts, subject to applicable federal margin regulations, stock exchange rules and the prime brokers' or custodians' credit policies. In such instances, the positions held in the margin accounts are pledged as collateral security for the repayment of debit balances in the accounts.

Mr. Miller is the manager of Milfam LLC, an Ohio limited liability company established pursuant to the Operating Agreement of Milfam LLC, dated as of December 10, 1996. Milfam LLC is the general partner of Milfam II L.P. (“Milfam II”), a Georgia limited partnership established pursuant to the Partnership Agreement for Milfam II, dated December 11, 1996. All of the Shares held by Milfam II were purchased with money contributed to Milfam II by its partners or money generated and held by Milfam II. The aggregate purchase price for the Shares held by Milfam II was $540,945.

ITEM 5. Interest in Securities of the Issuer .

Item 5 is hereby amended and restated to read as follows:

The aggregate percentage of Shares reported owned by each person named herein is based upon 6,954,766 Shares outstanding as of July 20, 2010, which is the total number of Shares outstanding as reported in the Issuer’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on July 29, 2010.

(a) As of the close of business on September 3, 2010, RIP beneficially owned 196,122 Shares, representing approximately 2.8% of the Shares outstanding.

As of the close of business on September 3, 2010, RIM beneficially owned 243,000 Shares held in certain managed accounts of its investment advisory clients, representing approximately 3.5% of the Shares outstanding. RIM, as the general partner of RIP, may be deemed to beneficially own the 196,122 Shares beneficially owned by RIP, representing approximately 2.8% of the Shares outstanding. Mr. Riley, as the manager and owner of all of the outstanding membership interests of RIM, may be deemed to beneficially own the 439,122 Shares beneficially owned by RIM, representing approximately 6.3% of the Shares outstanding. RIM and Mr. Riley disclaim beneficial ownership of the Shares held in the managed accounts and beneficially owned by RIP, except to the extent of their pecuniary interest therein.

As of the close of business on September 3, 2010, Mr. Riley directly owned 93,099 Shares, representing approximately 1.3% of the Shares outstanding.

8

CUSIP NO. 92931L203

As of the close of business on September 3, 2010, Mr. Miller had voting and dispositive power over 174,679 Shares held by Milfam II, representing approximately 2.5% of the Shares outstanding.

As of the close of business on September 3, 2010, TGI did not directly own any Shares.

Each of the Reporting Persons, as a member of a “group” with the other Reporting Persons for purposes of Rule 13d-5(b)(1) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), may be deemed to beneficially own the Shares owned by the other Reporting Persons. The filing of this Amendment No. 4 shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Exchange Act, the beneficial owners of any Shares he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the Shares reported herein that he or it does not directly own, except to the extent of his or its pecuniary interest therein.

(b) Each of RIM and Mr. Riley shares voting and dispositive power over the Shares beneficially owned by RIP and held by RIM’s investment advisory clients by virtue of his or its authority to vote and dispose of such Shares.

Mr. Miller may be deemed to have sole voting and dispositive power for all Shares held of record by Milfam II.

(c) Schedule A annexed hereto lists all transactions in securities of the Issuer by the Reporting Persons since the filing of Amendment No. 3. All of such transactions were effected in the open market.

(d) No person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Shares except RIM’s advisory clients are entitled to any dividends or proceeds paid with respect to Shares held by such persons.

(e) Not applicable.

9

CUSIP NO. 92931L203

SIGNATURES

After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: September 7, 2010

| /s/ Bryant

R. Riley
Name:	Bryant
R. Riley
Title:	Managing
Member

| RILEY INVESTMENT PARTNERS, L.P. — By: | Riley Investment Management LLC, its general partner | | | --- | --- | --- | | By: | /s/ Bryant R. Riley | | | | Name: | Bryant R. Riley | | | Title: | Managing Member |

| /s/ Bryant

R. Riley
Name:	Bryant
R. Riley
Title:	Chairman

| /s/ Bryant

R. Riley
BRYANT
R. RILEY

| /s/ LLOYD

I. MILLER, III
LLOYD
I. MILLER, III

| /s/ Bryant

R. Riley
Name:	Bryant
R. Riley
Title:	Chairman

10

CUSIP NO. 92931L203

SCHEDULE A

Transactions in the Securities of the Issuer Since the Filing of Amendment No. 3 to the Schedule 13D

Class of Security Securities Purchased Price Per Share ($) Date of Purchase

RILEY INVESTMENT PARTNERS, L.P.

| Common

Stock	25,825	3.1790	08/30/2010
Common
Stock	6,589	3.1500	08/31/2010
Common
Stock	15,333	3.1500	09/01/2010
Common
Stock	1,931	3.1500	09/02/2010

RILEY INVESTMENT MANAGEMENT, LLC

(Through Managed Accounts)

None

B. RILEY & CO., LLC

None

BRYANT R. RILEY

None

LLOYD I. MILLER, III

| Common

Stock	25,825 1	3.1790	08/30/2010
Common
Stock	6,589 1	3.1500	08/31/2010
Common
Stock	15,334 1	3.1500	09/01/2010
Common
Stock	1,931 1	3.1500	09/02/2010

TELECOM GLOBAL INC.

None

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1 Transaction made by Milfam II.

11