DETROIT, May 23, 2012 (GLOBE NEWSWIRE) -- Viper Networks, Inc. (Pink Sheets:VPER), is pleased to provide updates on several fronts, including previously announced developments, corporate projects and two acquisition/merger targets.
Regarding the 'Letter of Intent' signing to acquire 30% of Aequitas Energy, a profitable Energy Reseller based in Connecticut (announced 5/8/12), the Company has made substantial progress over the last two weeks and expects to move from the LOI stage to final funding, operating and ownership terms by concluding a binding agreement next week.
To underscore the earnings estimates after Viper Networks' entrance into the power energy reseller market via pending agreement, the Company intends to provide complete revenue and net profit projections in the days ahead and will immediately announce the official contract conclusion and provide more comprehensive details of the final agreement terms.
In a follow-up to the news 'Viper Networks and JV Partners to Start Build-out for First LED Manufacturing Facility in U.S.' (announced six weeks ago on April 12th), an existing building in the commercial district of Washington D.C. has already been secured by one of four joint venture partners, who is also located in the District of Columbia area.
Noting such, the official start of the approximate 10-week LED manufacturing and assembly line build-out phase is merely awaiting the U.S. government grant check issuance for approximately $750,000, which is expected at any time or most likely within the next few weeks.
Additionally, the two main partners in this JV are Viper Networks and LEDs America, which collectively have majority ownership of this LED manufacturing project. However, since the Company will be working directly with one of their acquisition candidates (which is LEDs America, Inc.), Viper Networks will incorporate the anticipated manufacturing build-out and forthcoming initial production run into the Company's due diligence process by verifying LEDs America's ability to mass produce various product designs and patents.
Other noteworthy benefits will include confirming final semiconductor LED chip manufacturing capabilities, which will allow Viper Networks to better control quality and cost, and ultimately position the Company in the higher valuation category of hi-tech manufacturing.
With respect to Viper Networks announced priority to expedite the completion of their 2-year financials for submission to independent auditors, the Company is pleased to report that they have finished all accounting documentation for fiscal 2011 from their Saudi Arabia division.
Getting the overseas financial paperwork properly prepared was the greater task to complete. Now the Company is ready to integrate 2010 and 2011 numbers, respectively, along with complete financials from their U.S. operations.
Since Viper Networks has made it a top priority to meet the higher Alternative Reporting Standard, the Company seeks to submit their 2-year audited financials for the 2010 and 2011 fiscal years, and unaudited financial information through the first quarter of 2012 (ended March 31st) before the end of the second quarter ending June 30th.
Please note the Company is displaying a 'temporary' corporate site at www.vipernetworks.com.
The Viper Networks, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=12434
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