TROY, Mich., Oct. 28, 2024 (GLOBE NEWSWIRE) -- Viper Networks (OTCPK: VPER) announced today that it has obtained the necessary regulatory approvals from the Federal Communications Commission and various state authorities in order to complete the acquisition of Endstream Communications, LLC, 1stPoint Communications, LLC, and all of 1stPoint's subsidiaries effective November 1, 2024.
Viper's Board of Directors has appointed Erik Levitt, the Managing Member of 1stPoint Communications and Endstream Communications as the Chief Executive Officer and Principal Financial Officer of Viper Networks, Inc., effective November 1, 2024. Mr. Levitt will join the Board of Directors as an Executive Director. The company has also appointed Kristen Vasicek, 1stPoint's Chief Operating Officer, as the Secretary of the Board and Chief Administrative Officer. Farid Shouekani will continue to serve as the non-executive Chairman of the Board of Directors and President.
Viper is adopting a new corporate strategy known as "Everything Wireless," which includes wireless technology from the telecommunications, smart city and energy sectors. The pillars of the strategy include OTT (wholesale and retail messaging and voice services), fixed wireless, mobility, smart city and green energy generation projects. Viper will address the need for enhancing customer experience in its markets, which include the United States, the Caribbean and Sri Lanka.
"The acquisition of these entities is a significant step forward for Viper," said Mr. Shouekani. "By integrating the assets into our company, we will realize a substantial increase in our capacity to deliver on milestones in key projects. The 1stPoint team has a long history of being able to perform under some of the most difficult conditions and maintain consistent growth." 1stPoint Communications and Endstream Communications together generated more than $770,000 in revenue and positive cash flows in their last reported quarter.
"We believe very strongly in the Everything Wireless strategy," said Mr. Levitt. "One of the most significant impediments to the delivery of worldwide 5G networks is the lack of a consistent platform capable of supporting the technology. We believe that we will be able to achieve that objective on a global scale, while serving our own subscribers directly in our markets."
The acquisition was financed through a share exchange agreement between holders of common stock of Hammer Fiber Optics Holdings Corp ("HMMR") and Viper. As part of the agreement two parties exchanged HMMR stock as consideration for Viper stock. The agreement becomes effective upon closing. The details of the transaction have not yet been disclosed, but further information will be available in upcoming filings.
ABOUT VIPER NETWORKS, INC.
As one of the earliest companies to adopt VOIP (Voice-Over-Internet-Protocol) in the United States, today Viper Networks is a premier telecommunications and network engineering solution provider in the field of Smart Street Lights and Smart Poles technology.
With IoT (Internet of Things) sensors integration through the implementations of Smart Cities and Smart Grid technology solutions, the Company incorporates wireless communication, mobile networks, broadband technology, Wi-Fi and various embedded technologies for engineered solutions with comprehensive hardware/software integration. For more information go to www.ViperNetworks.com or follow on X (formerly Twitter) Twitter@vipernetworks.
Forward Looking Statements
This press release contains projections and other forward-looking statements regarding future events or our future financial performance. All statements other than present and historical facts and conditions contained in this release, including any statements regarding our future results of operations and financial positions, business strategy, plans and our objectives for future operations, are forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). These statements are only predictions and reflect our current beliefs and expectations with respect to future events and are based on assumptions and subject to risk and uncertainties and subject to change at any time. We operate in a very competitive and rapidly changing environment. New risks emerge from time to time. Given these risks and uncertainties, you should not place undue reliance on these forward-looking statements. Actual events or results may differ materially from those contained in the projections or forward-looking statements. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995
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