TROY, Mich., April 3, 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 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
Source: GlobeNewswire (April 3, 2014 - 7:55 AM EDT)
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