TROY, Mich., July 21, 2010 (GLOBE NEWSWIRE) -- Viper Networks, Inc. (Pink Sheets:VPER), an emerging global telecommunication network operations and technical management company, announces that it has recently posted two years of unaudited financial statements in accordance with U.S. GAAP standards, including the balance sheets and income statements for the Company's previous fiscal years ended December 31, 2009 and December 31, 2008, respectively.
Additionally, the Company will be submitting all required documentation for an immediate upgrade to the next higher OTC Market Tier for Pink Sheets listed companies, which is assigned by meeting greater disclosure and compliance requirements from Pink OTC Markets. The Company anticipates reaching the next highest tier listing standard with full Current Information status, by completing all relevant financial filings or posting of Viper Networks' last two fiscal quarters ended March 31 and June 30, respectively.
President of Viper Networks, Mr. Shouekani, commented, "There is time for all seasons, and our time has finally come as a rapidly growing, monthly reoccurring revenue company. The forthcoming posting of financials for our two previous quarters, should bring Viper Networks to Current Information status shortly thereafter. Most notably, the start of our third quarter began July 1st. As such, this quarterly report for the period ending September 30th will be the first quarter that revenues generated directly from the Company's exclusive agreement with BSNL."
Mr. Shouekani, concludes, "Reviewing the release of previous annual financial statements should be taken into proper context since 2009 was a major transition year for our Company. We are moving from wholesale operations with slightly lower margins to our India and other retail operations, which generate significantly higher margins. All shareholders and investors can expect an update on this lucrative division in the very near term."
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For additional information, please visit www.vipernetworks.com.
Except for the historical information contained herein, this press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from the results predicted and reported results should not be considered an indication of future performance. In addition, the factors discussed in the filings with the Securities and Exchange Commission, among the other factors that could cause actual results to differ materially.