Viper Networks Reduces Debt by $12.7 Million with Preferred Stock Debt Conversion
TROY, Mich., Sept. 21, 2021 (GLOBE NEWSWIRE) -- Viper Networks, Inc. (OTC Pink: VPER), (Company), an emerging company in the LED lighting products and integrated systems markets, announced today that the Company has further reduced their total debt by $12,716,841 USD.
The Company has been working diligently to improve financial performance and had announced a debt reduction of $38,567,237 million back in May. Furthering this effort, the Company has reached an agreement to reduce another $12,716,841 by negotiating accrued executive compensation and issuing 10,597,368 restricted shares of Series B Preferred stock, leaving a debt of approximately only $500,000 – a substantial 96 percent reduction netting over 99 percent debt reduction through the year.
To date, we have had a very good year with a stock growth of over 1800%, a strategic alliance with Toledo Solar, and successful kick off of smart city projects in Sri Lanka and 21 suburban cities in the Greater Chicago area.
Through this financial reengineering, management is demonstrating full trust in the Company’s continued growth and is committed to maximize shareholder value. In addition, Company management expects an active fall season and anticipates new client updates and other exciting developments to be announced.
As per OTC Pink Disclosure Guidelines, the Company will be filing a ‘Disclosure Statement’ with Unaudited Consolidated Financial Statements within the required 45-day period following the three-month period ending September 30, 2021.
For more information see www.ViperNetworks.com or follow us on twitter @vipernetworks.com.
Notice Regarding Forward-Looking Statements
This news release contains “forward-looking statements” as that term is defined in Section 27A of the U.S. Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this release which are not historical are forward-looking and include any statements regarding beliefs, expectations or intentions regarding the future.
Investor/Media Contact: SAG Equity Group at 407.444.5959.