Viper Networks Clarifies Rumors of Reverse Split

Rhea-AI Summary

Viper Networks, Inc. (OTC Pink: VPER) addresses rumors of a reverse-stock split, affirming no current plans for such an action. The board had previously approved the potential for a reverse split on September 13, 2021, as part of a strategy to enhance shareholder value and reach OTC QB status. This approval is now officially revoked. The company highlights a solid product portfolio, reduced debt by $38.5 million, and significant officer investments exceeding $566,337, reaffirming commitment to shareholder value.

Positive

• Reduced debt by $38.5 million.
• Officers invested over $566,337 in the company.
• Confident in product and service portfolio.

Negative

• Previous approval of a reverse-stock split raised market confusion.

TROY, Mich., Oct. 21, 2021 (GLOBE NEWSWIRE) -- Viper Networks, Inc. (OTC Pink: VPER), (Company), an emerging company in the LED lighting products and integrated systems markets, would like to address rumors of a possible reverse-stock split by stating that currently, there are no official plans or intent to perform such action. 

The Company’s board and leadership are always looking for ways to maximize shareholder value, and as such a strategy with multiple scenarios and backup plans was constructed to reach OTC QB; as part of such strategy and contingency plan, the board had approved on September 13, 2021 the possibility of a reverse-stock split. Such approval has originated rumors and confusion in the marketplace and therefore it is hereon officially revoked.

Viper is confident in its product and service portfolio, go-to-market strategy, and progress made to-date to drive stock performance and complete all requirements needed to reach the QB on the OTC Markets without, at this time, altering stock structure or effecting a reverse-stock split. 

Over the past few months, the Company has reduced $38.5 million in debt, our officers have invested over $566,337 in the company, and they are committed more than ever to bring value to the shareholders. “We are only starting, and I am committed to build this company on a solid ground. Viper will make all of us proud!”-Farid Shouekani CEO 

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. 

FAQ

What is Viper Networks' stance on a reverse-stock split?

Viper Networks has stated that there are currently no official plans to perform a reverse-stock split.

How much debt has Viper Networks reduced recently?

Viper Networks has successfully reduced its debt by $38.5 million.

What recent investments have Viper Networks' officers made?

Viper Networks' officers have invested over $566,337 in the company.

When did Viper Networks approve the possibility of a reverse-stock split?

The possibility of a reverse-stock split was approved on September 13, 2021.

How is Viper Networks working to enhance shareholder value?

Viper Networks' board is committed to maximizing shareholder value through a robust strategy and has revoked the potential reverse-stock split.