Business
Viper Networks enters agreement to acquire smart-city product manufacturer and distributor EcoTech Solutions
Viper Networks enters agreement to acquire smart-city product manufacturer and distributor EcoTech Solutions.
About this update from Viper Networks, Inc.
[{"type":"text","content":"\n TROY, Mich., Dec. 02, 2021 (GLOBE NEWSWIRE) -- Viper Networks, Inc. (OTC Pink: VPER), (Company), an emerging company in the LED lighting products and integrated systems markets, is pleased to announce that the Company has officially signed an agreement to acquire 100% of EcoTech Solutions, Inc. of Sheridan, Illinois. Viper has been actively expanding its smart-city pipeline and has already announced projects in the Greater Chicago, Sri Lanka, and Democratic Republic of the Congo among others. In efforts of maximizing this growing demand it now turned to vertical integration and streamlining cost and margin. EcoTech Solutions, Inc. is an Industrial manufacturing and distribution company specializing in both Surface-Mount-Technology (SMT) printed circuit boards and legacy through-hole manufacturing. Further, EcoTech is a fast-growing stocking distributor of industrial automation, electrical parts, electronic components and LED lighting, IoT (Internet of Things) devices. Key growth areas, include: electronic and control systems for green energy applications; as well as integrating connected devices (IoT) for Machine-to-machine (M2M) and Smart City applications. Through this acquisition, Viper is reducing component and product cost, expanding product portfolio, driving top-line revenue, and all while keeping it as a fully owned subsidiary that’s already operating a profitable business and generating profit. EcoTech’s revenue already exceeds $500,000 YTD and expects to double next year, and comes with inventory and assets netting over $1.2 million. The Company’s acquisition price of $1.7 Million U.S. is to be paid 100% in VPER stock, 50% at current value and 50% at two US cent value. The acquisition is expected to close within 60 days and upon completion, EcoTech Solutions, Inc. will operate as a fully owned subsidiary of the Company with all revenues and earnings posted within the Company’s financial filings. Viper Networks’ President, Mr. Farid Shouekani, stated: “Viper is diligently working on the smart city deployment for the 21-city roll-out in the Greater Chicago area and this acquisition will certainly help with deployment and testing and so much more. Located just 65 miles southwest of Chicago, EcoTech is a near perfect addition to several major current projects and is well-positioned to...