Viper Networks Completes Acquisition for EcoTech Solutions
Viper Networks (OTC Pink: VPER) announced its acquisition of EcoTech Solutions for $1.7 million, completed via the issuance of restricted preferred shares. The deal involves two certificates, one for 42.5 million shares at $0.02 and another for 187.5 million shares at $0.0045 each. This acquisition aims to reduce costs and expand Viper's product offerings, particularly in Smart City applications. EcoTech's financials will be included in Viper's Q1 2022 report, with expectations of increased profitability and business growth in the Chicago area.
- Acquisition of EcoTech Solutions for $1.7 million enhances product portfolio.
- Expected reduction in overall component and product costs.
- EcoTech will contribute revenue and earnings as a fully owned subsidiary.
- None.
TROY, Mich., Feb. 24, 2022 (GLOBE NEWSWIRE) -- Viper Networks, Inc. (OTC Pink: VPER), (Company), an emerging international company in the LED lighting products and Smart City applications and integrated systems markets, is pleased to announce that the Company has officially acquired
The Company’s acquisition price of
With this acquisition, Viper is reducing overall component and product cost, while significantly expanding the company’s product portfolio. Notably, the Company will also have full component level repair and refurbish capabilities for nearly all Industrial electronic and electrical equipment.
As a fully owned profitable subsidiary of Viper Networks, EcoTech’s revenue and earnings numbers along with an accounting of all inventory and assets will be featured in the Company’s first quarterly financial filing for the period ending March 31, 2022.
Viper Networks CEO, Mr. Farid Shouekani, stated: We are very excited about concluding this acquisition. EcoTech is already paying dividends as we ramp-up our Smart City manufacturing, testing and distribution efforts for deployment throughout the Greater Chicago area. But this is just one piece of a much larger puzzle we are methodically putting together for our growing list of global partners and business relationships.”
Mr. Shouekani continued: “In fact, it is from our recent success for new business with relationship building efforts worldwide, in both the private and public sectors, that we are poised to educate the market and our shareholders again and again shortly. For the Company, our aim is high and our reach is far, but our primary goal is profitability. Today, with the acquisition news of EcoTech Solutions… Viper Networks became more profitable.”
About EcoTech Solutions, Inc. (www.EcoTechSolutionsInc.com)
EcoTech Solutions is an Industrial manufacturing and distribution company specializing in both Surface-Mount-Technology (SMT) printed circuit boards and legacy through-hole manufacturing. Further, EcoTech is a fast-growing stocking distributor of industrial automation, electrical parts, electronic components and LED lighting, IoT (Internet of Things) devices, Pneumatic, Motion Sensors, Hydraulics, HVAC and robotics.
For more information go to www.ViperNetworks.com or follow us on Twitter https://twitter.com/vipernetworks.
Safe Harbor Statement: 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. Statements in this release which are not historical are forward-looking and include any statements regarding beliefs, expectations or intentions regarding the future. Such statements are not guaranteeing of future performance and actual results may differ materially.
Media / Investors contact: Scott Gibson / SAG Equity Group at 407.444.5959
FAQ
What is the acquisition price for EcoTech Solutions by Viper Networks?
How many preferred shares were issued in the EcoTech acquisition?
What impact will EcoTech Solutions have on Viper's finances?
Where is EcoTech Solutions based?
What markets does EcoTech Solutions operate in?
