DETROIT, Aug. 13, 2012 (GLOBE NEWSWIRE) -- Viper Networks, Inc. (Pink Sheets:VPER), in collaboration with minority-owned subsidiary, Apollo Metro, announces a planned sales and marketing presentation in Southeast Asia. Specifically, the SE Asia trip is expected to commence testing and negotiations for the replacement of metropolitan street lights with a five to ten year partnership on the Sri Lanka government's "Savings Electricity Consumption Program".
As previously announced, the Company signed an agreement to acquire 49% of Apollo Metro Solutions, Inc. and paid cash funds equal to approximately 12.5% of the final acquisition price, which will be disclosed once all plant construction expenses are complete and final build-out cost has been determined for the new facility located on the west coast of South Florida. Viper Networks is actively working to secure major LED commercial orders in both the private and public sectors, including potential business from some of the largest government municipalities in the U.S. Apollo Metro Solutions expects to complete the LED manufacturing facility prior to calendar year end and to commence numerous product production run operations shortly thereafter. Viper Networks 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 environmentally-friendly LED products.
Farid Shouekani, Viper Networks President and CEO, commented: "Sri Lanka's emerging economy and their focus to achieve reduced energy consumption and savings utilizing cutting-edge, energy-efficient technologies, has made this a key strategic market. We look forward to releasing positive results that will enable additional sales opportunities across both the private and public sectors."
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