TROY, Mich., Aug. 9, 2010 (GLOBE NEWSWIRE) -- Viper Networks, Inc. (Pink Sheets:VPER), an emerging global telecommunication network operations and technical management company, announces that it has signed a Letter of Intent (LOI) to acquire Global Teleconnects Corp., a U.S.-based Calling Card distributor and Telecom network company.
The Company seeks to acquire all principal assets, including switches, routers and platform, in addition to Global Teleconnects' valuable network of distributors that generate most of their $220,000 in average monthly revenues from calling card sales. Global Teleconnects also has several Web sites that generate less than 10% of total sales.
Since Viper Networks' acquisition target (Global Teleconnects) was consistently producing monthly sales of approximately $400,000 at the beginning of 2010, the Company believes that they can address Global's main issue of lost termination capacity and rapidly increase sales 70% to 80% higher than current monthly revenue numbers (noted above).
However, this is being stated as only the most obvious area for the Company to have a positive short-term impact for greater profitability. In the year ahead and longer term, other efficiency benefits and growth opportunities await myriad compatibilities that exist between both companies, respectively.
Viper Networks is currently in the active due diligence phase. Upon its successful conclusion, the Company anticipates announcing the official closing shortly thereafter. Investors should know that this is the type of strategic acquisition that the Company is targeting, meaning companies that are directly aligned with Viper Networks telecommunications business and global expansion initiatives, which also includes telecom operators and distributors in North America.
Over the last several months, the vast majority of Viper Networks' technical expertise, installation man hours, and corporate resources have been utilized to meet all additional equipment requirements, and validation and re-testing protocols with BSNL prior to the commencement of the initial launch in Singapore.
Now that the Company has successfully completed the most time consuming, critical first launch of their worldwide project with Bharat Sanchar Nigam, Ltd. (in conjunction with their Cirilium India partnership), not only should all future country deployments get launched expeditiously, but Company management will be able to prioritize more time and resources toward qualifying, closing and the successful integration of their strategic acquisitions.
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.