Viper Networks Provides Update on the Acquisition of the Telecommunications Assets of Hammer Fiber Optic Holdings Corp

Rhea-AI Summary

Viper Networks (OTCPK: VPER) has applied for regulatory approvals from the FCC and state authorities to complete the acquisition of Hammer Fiber Optic Holdings Corp's telecommunications assets, including Endstream Communications, and 1stPoint Communications, The closing date is expected in Q4, subject to approval. CEO Erik Levitt expressed confidence in meeting the anticipated timeline. Viper's new strategy, 'Everything Wireless,' comprises smart city, mobility, fixed wireless, OTT, and energy generation projects. The OTT segment, which includes wholesale voice, hosting, and messaging services, currently generates most of 1stPoint and Endstream's revenues. Last quarter, the acquired telecom businesses reported over $770,000 in revenue and positive cash flows. Viper aims to expand its mobile footprint in the U.S. and Caribbean markets, leveraging 5G technology. Chairman Farid Shouekani highlighted the acquisition's potential to enhance Viper's business objectives in fast-growing tech segments.

Positive

• Acquisition of telecom assets expected to close in Q4, pending regulatory approval.
• New 'Everything Wireless' strategy includes five pillars: smart city, mobility, fixed wireless, OTT, and energy generation.
• OTT segment generates majority of revenues for 1stPoint and Endstream.
• Last quarter's telecom business revenues exceeded $770,000 with positive cash flows.
• Expansion plans in U.S. and Caribbean markets leveraging 5G technology.

Negative

• Acquisition subject to regulatory approvals, which could delay or impact the closing.

TROY, Mich., Sept. 30, 2024 (GLOBE NEWSWIRE) -- Viper Networks (OTCPK: VPER) has applied for the necessary regulatory approvals from the Federal Communications Commission and various state authorities in order to complete the acquisition of the telecommunications assets of Hammer Fiber Optics Holdings Corp. The acquisition includes Endstream Communications, LLC and 1stPoint Communications, LLC and all of its subsidiaries. The closing date is anticipated to be in the fourth quarter of this year, subject to obtaining regulatory approval.

“We are very pleased with the progress we are making toward closing the acquisition,” said Erik Levitt, CEO of 1stPoint Communications and Endstream Communications. “We anticipate being able to complete the process in the timeframes originally contemplated by management and Viper’s Board of Directors.”

With the acquisitions Viper will adopt a new corporate strategy: “Everything Wireless.” This strategy will now include five pillars: smart city, mobility, fixed wireless, OTT and energy generation projects. Smart city will include Viper’s existing projects in the United States and Sri Lanka, which are continuing to progress. Mobility and fixed wireless will rely on the licensing and relationships of 1stPoint Communications and its subsidiaries. The OTT, or “over-the-top” segment accounts for the majority of the revenues of 1stPoint and Endstream today, which includes wholesale voice services, hosting services and messaging services. Energy generation projects will be an expansion of Viper’s existing business, predominantly in markets outside the United States.

Last quarter the telecommunications businesses Viper is acquiring, subject to the regulatory approvals discussed above, had revenues of over $770,000 and positive cash flows. “We continue to see strong growth in our messaging services business unit as we plan to expand on our fixed wireless business segment. Our intention continues to be to expand our mobile footprint in the United States and Caribbean markets. With access to the technology, contacts and capabilities of Viper we can address the issues of the deployment of new technologies such as 5G more easily,” added Levitt.

“We are very excited to welcome Endstream Communications and 1stPoint Communications and its subsidiaries into the Viper family,” said Farid Shouekani, Viper’s Chairman. “We are looking forward to working with a bright and dedicated team that will help Viper execute on its business objectives in some of the fastest growing segments of modern technology.”

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 implementations 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

Media/ Investor Relations Contact: SAG Equity Group / 407.444.5959

FAQ

What is the expected closing date for Viper Networks' acquisition of Hammer Fiber Optics' assets?

The closing date is anticipated to be in the fourth quarter of this year, subject to regulatory approval.

What strategy will Viper Networks adopt after acquiring Hammer Fiber Optics' assets?

Viper Networks will adopt the 'Everything Wireless' strategy, which includes smart city, mobility, fixed wireless, OTT, and energy generation projects.

How did the telecom businesses Viper is acquiring perform last quarter?

The telecom businesses reported revenues of over $770,000 and positive cash flows last quarter.

Which segment generates the majority of revenues for 1stPoint and Endstream?

The OTT (over-the-top) segment, which includes wholesale voice, hosting, and messaging services, generates the majority of revenues.

What markets does Viper Networks plan to expand into with the new acquisition?

Viper Networks plans to expand its mobile footprint in the United States and Caribbean markets.