Viper Networks Forwards 2nd Term Sheet for $25 Million to Fund LED Project With Sri Lankan Ministry of Highways From Major U....
April 03 2014 - 7:55AM
Viper Networks, Inc. (Pink Sheets:VPER), an intelligent LED
lighting solutions provider, is pleased to announce that in
partnership with Apollo Metro Solutions, Inc., the Company has
forwarded a second term sheet from the same major U.S. bank to fund
a $25 million transaction to finance manufacturing and delivery of
Apollo's LED street lights for the initial order from the Sri
Lankan Ministry of Highways, Ports and Shipping.
The terms call for a minimum payment of 15% ($3,750,000 US) to
Apollo Metro (in partnership with Viper Networks) for the
U.S.-based manufacturing and delivery of grid-tied LED Lights for
streets/highways for replacement of inefficient lighting.
The Company expects to receive approval from one of the two term
sheets offers in an expedited manner or within the next four weeks
potentially. If the second term sheet is accepted for $25 million
or $5 million more than the first term sheet announced March 5th,
then manufacturing production numbers for delivery are expected to
increase by a minimum of 10% to 2,200 LED street lights within the
first 90 days. Thereafter, Apollo Metro in partnership with Viper
Networks, is expected to receive $1,000,000 monthly for the
manufacturing and delivery of 2,200 LED street lights every 30 days
for approximately twenty (20) months.
This is the first of what is expected to become a continuing
agreement to provide superior LED lamps to serve the Sri Lankan
Ministry of Highways, Ports and Shipping's broader needs across the
country. When delivery and servicing of this initial agreement
commences, the Company fully expects to forge new agreements with
other governmental Ministries and major municipalities where the
Company has already received LED Lights product approval per
previous pilot testing.
In other news, the CEO of Viper Networks and President of Apollo
Metro Solutions will be departing shortly for the Arab Future
Cities Summit on April 7th and 8th in Doha, Qatar. Many
investors know that Qatar is the wealthiest country on earth, but
some are just learning that strong developments are unfolding to
transform Doha into the next Dubai, which has emerged as a leading
global business metropolis.
The Third Annual Summit event promises to have over 300
senior-level delegates and government officials committed to the
development of smart and sustainable cities.
For additional information, see www.ViperNetworks.com and
www.ApolloMetro.com.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that
term is defined in Section 27A of the United States Securities Act
of 1933, as amended and Section 21E of the Securities Exchange Act
of 1934, as amended. Statements in this press release which are not
historical are forward-looking statements and include statements
regarding beliefs, plans, expectations or intentions regarding the
future.
CONTACT: Investor Relations: Heritage First Capital
Scott A-B Gibson, 407.444.5959
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