DETROIT, Nov. 12, 2012 (GLOBE NEWSWIRE) -- Viper Networks, Inc. (Pink Sheets:VPER), is pleased to announce that the Company has received cash funds to help expedite delivery and cover all parts and manufacturing cost associated with the Company's manufacturing partner Apollo Metro Solutions, as it relates to the two pilot programs slated to start in Sri Lanka next month; including LED Street Lights for Colombo, Sri Lanka and LED Street lights and Indoor lighting for the country's Ministry of Fisheries and Aquatic Resources.
This announcement also reflects an extraordinary development for Viper Networks, since establishing a reliable source for funding potentially scores of pilot projects and their manufacturing costs, essentially ensures minimum production guarantees and locks in a near equal split of profits with Apollo Metro on all business stemming from these two Sri Lanka projects and any other pilot programs, orders and agreements that the Company directly secures with private companies or local, state/province and national level government entities worldwide.
In regards to other agreements or projects that Viper Networks management is working on, the Company is in the final stages of LED Street light project engagement terms with a local partner and government representatives from one of Western Asia's wealthiest countries or States, which may be officially announced later this week.
Further, the Company's CEO is slated to travel to Bahrain the week of December 2nd, to personally deliver and present an Advanced LED Lighting product demonstration with motion sensor-equipped streetlights option upgrade with wireless network used for control, monitoring and Smart Grid applications, in anticipation of securing yet another pilot project client and potentially significant business throughout the country's cities and infrastructure.
Specific to this funding announcement, the Company has received cash funds in the amount of $50,000 from a closely-aligned, highly regarded individual alliance based in the Middle East. As an established, long-term investor in Viper Networks, the party has agreed to favorable terms for the Company with an annual renewable note option payable at twelve percent interest or in restricted 144 stock, which will not be available for conversion into free trading, common VPER shares for at least twelve months after the issuance date of any such certificate with a restricted legend.
Viper Networks could very well pay back or close out the outstanding loan with a lump sum payment from proceeds received after pilot project completion; and the anticipated expanded roll-out orders expected shortly thereafter. Since each pilot project may feature unique differences in terms and conditions, the Company may articulate such specifics as each program unfolds, certainly as it relates to financing and other financial accounts receivable and accounts payable filing information.
Viper Networks is actively working to secure major LED commercial orders in both the private and public sectors, including numerous government municipalities in the U.S. and abroad.
The Company believes that the North American and worldwide markets for energy saving streetlights and parking lot lights provides a tremendous opportunity for a new generation of LED lighting, especially those products that are manufactured to a much higher level of quality in the United States.
Please note the Company is displaying a 'temporary' corporate site at www.vipernetworks.com.
The Viper Networks logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=12434
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development of new business opportunities, zero operational impact and projected costs, future operations, revenue, profits, gross margins and results of operations. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate.