Viper Networks Reduces Debt by $38.5 Million and Reduces Total Outstanding Shares by 7.8%

Rhea-AI Summary

Viper Networks (VPER) has released a Disclosure Statement, revealing a net income of $37.6 million for the first quarter of 2021. This was largely due to debt forgiveness of $38.5 million. The company has reduced its total debt from $51.3 million to $12.7 million and reached an agreement to cut interest rates on officer salaries from 33.16% to 10%. Viper Networks also decreased outstanding shares by 7.8%, aiming for a further reduction. The company anticipates leveraging federal and state operating losses of approximately $70 million to offset future profits.

Positive

• Net income increased to $37.6 million for Q1 2021.
• Debt reduced from $51.3 million to $12.7 million.
• Outstanding shares reduced by 7.8%.

Negative

• Net operating loss of $77,162 reported.
• High accrued salaries with an annual interest rate that was reduced to 10%.

TROY, Mich., May 12, 2021 (GLOBE NEWSWIRE) -- Viper Networks, Inc. (OTC Pink: VPER), (Company), an emerging international leader in the LED lighting products and integrated systems markets for Smart City projects, announces that the Company has provided a ‘Disclosure Statement’ per OTC Pink Basic Disclosure Guidelines with Unaudited Consolidated Financial Statements for the three month period (fiscal 1st quarter) ending March 31, 2021.

With Viper Networks’ Consolidated Statement of Income statement under ‘Other Income (Expenses)’, the Company shows a Forgiveness of debt amount of $38,567,237 million. After subtracting the Interest Expense (864,677) and modest Net Operating Loss (77,162), Viper Networks shows a Net Income of $ 37,625,398 for the 3-month period ending 3/31/2021.

The Company has monthly accrued salaries due to four (4) officers with an annual interest rate of 33.16%. However, the Company was able to reach agreements to adjust the rate to 10% retroactively. Based on the decrease in interest rate over many years, the Company has reduced the total amount of debt from $51.3 million to $12.7 million.

Although the Company will begin to repay the officers as operations continue to expand and greater cash flow becomes available, the Company will continue to work to further reduce the remaining amount in the most equitable way possible.

Viper Networks will continue to reorganize and restructure key areas of operation to further maximize corporate efficacies and profitability going forward. Additionally, the Company has federal operating losses of approximately $70 million to carry-forward to off-set profits with expirations beginning in 2030. Management also believes that the Company has a similar amount of state operating losses available, however the expiration dates have not yet been determined, so the Company may place limitations on the use of these net operating losses from various states.

To help maximize shareholder value, the Company recently was able to reduce the number of outstanding shares by 7.8% or 470 million shares. Management further believes that they can reduce the amount by another 30 million shares, from a firm that has gone out of business and will likely have no recourse to individually reclaim the shares or otherwise. This would effectively put the reduced number of shares to 500 million or 8.3%.

Viper Networks CEO, Mr. Shouekani, commented: “The Company is fast emerging on the global stage as a reliable partner with superior technology for Smart City projects, LED Lighting and mobile communications. All though we have already released a number of press releases highlighting significant developments since February; we have within our grasp, several major opportunities that can forever impact Viper Networks’ worldwide standing overnight. Knowing this, I simply ask every shareholder to have a little more patience and faith in what promises to unfold over the next several weeks and months.”

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: 248-724-1300

FAQ

What was Viper Networks' net income for Q1 2021?

Viper Networks reported a net income of $37.6 million for the first quarter of 2021.

How much debt has Viper Networks reduced?

Viper Networks has reduced its total debt from $51.3 million to $12.7 million.

What percentage of outstanding shares did Viper Networks reduce?

Viper Networks reduced its outstanding shares by 7.8%.

What are the federal operating losses for Viper Networks?

Viper Networks has approximately $70 million in federal operating losses available to offset future profits.

What is Viper Networks' interest rate on officer salaries?

The interest rate on officer salaries was reduced from 33.16% to 10%.