TROY, Mich., Nov. 01, 2024 (GLOBE NEWSWIRE) -- Viper Networks (OTCPK: VPER) announced today that it has closed on the acquisition of Endstream Communications, LLC, 1stPoint Communications, LLC, and all of 1stPoint's subsidiaries effective November 1, 2024.
1stPoint Communications and its subsidiaries possess a commercial mobile radio services (CMRS) license in the United States and several competitive local exchange carrier (CLEC) licenses. The majority of its revenues today are derived from its messaging, hosted voice and carrier and web hosting services with some revenues being derived from fixed wireless services. Endstream Communications is a wholesale voice operator with a substantial number of customer and supplier Voice-over-IP ("VOIP”) interconnections. The majority of its revenues are generated by its domestic US operations.
"Viper will recognize revenues from the acquired subsidiaries in November and December of its fourth quarter of 2024, and will recognize the full revenue from its new telecommunications division in the first quarter of 2025,” said Erik Levitt, Viper's CEO. "Strong growth will continue to come from the messaging business due to our inherent competitive advantage in the marketplace, but we anticipate expanding our fixed wireless business as we continue to make investments in key markets such as Alabama and the Eastern Caribbean,” added Levitt.
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.
1stPoint's existing management and accounting team will provide support for all of Viper's operations effective immediately, substantially increasing Viper's internal capabilities. In addition to providing support for its accounting obligations, 1stPoint will also provide essential services such as project management and network operations for Viper's existing smart city projects. Viper completed its first such project earlier this year in Sri Lanka, and has several more projects planned in the near future. "Adding 1stPoint's capabilities to Viper will allow us to deploy smart city projects more efficiently and more rapidly,” said Farid Shouekani, Viper's Chairman and President. "These acquisitions will allow us to fully integrate mobile networks into our smart city platform with the confidence of an operations team with a long history of successful deployments.
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 implementation 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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