TROY, Mich., March 5, 2014 (GLOBE NEWSWIRE) -- 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 received LED Luminaries product approval from the Sri Lankan Ministry of Highways. Furthermore, the Company has forwarded a term sheet from a major U.S. bank to fund a $20 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.
Pending approval, the general terms call for an initial payment of 15% ($3,000,000 US) to Apollo Metro (in partnership with Viper Networks) for the U.S-based manufacturing and delivery of two thousand (2,000) 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 2,000 LED street lights every 30 days for approximately seventeen (17) months.
This is the first of what is expected to become a continuing agreement to provide superior LED lamps to serve the broader national highway system across the country of Sri Lanka. Additionally, the forthcoming order agreement to consistently deliver LED street lights in bulk increments of 2000 units will serve to highlight Apollo Metro's new, larger manufacturing facility and capabilities; which is expected to directly facilitate new orders from other governmental entities, including the Sri Lanka Ministry of Fisheries (harbors) and major municipalities, including the capital city of Colombo, Sri Lanka.
About Apollo Metro Solutions, Inc.
Apollo Metro is a U.S.-based manufacturer of highly advanced, eco-friendly, and cost-saving light emitting diode (LED) lighting systems. By combining a built-in Camera, LED Lighting, Wireless MESH, Sensors, Infrared and Gigabit WiFi into a single design; Apollo Metro Solutions' propriety line of wireless products can be applied to existing infrastructure for a full selection of intelligent LED lighting solutions worldwide.
ABOUT VIPER NETWORKS, INC.
Viper Networks is a manufacturer and distributor of highly-efficient LED lighting to provide superior turnkey LED lighting solutions for metropolitan areas, parking lots and warehousing facilities everywhere. Viper Networks also provides telecom engineering services for network expansion and managed services to telecommunication service providers and networks in the U.S., Middle East and Northern Africa with top tier expertise in wireless communications.
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
Source: GlobeNewswire (March 5, 2014 - 7:57 AM EST)
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