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Viper Networks Completes Acquisition for EcoTech Solutions
February 25, 2022 | Globe NewswireEstimated reading time: 1 minute
Viper Networks, Inc., an emerging international company in the LED lighting products and Smart City applications and integrated systems markets, is pleased to announce that the Company has officially acquired 100% of EcoTech Solutions, Inc. of Sheridan, Illinois with the issuance of restricted preferred shares this week.
The Company’s acquisition price of $1.7 Million U.S. was paid by issuing two separate Viper Networks certificates equaling $850,000 each based on two different share price amounts. One certificate shows 42.5 million restricted preferred shares based on a stock valuation of $0.02 per share, while the other certificate states 187.5 million restricted preferred shares based on a $.0045 price.
With this acquisition, Viper is reducing overall component and product cost, while significantly expanding the company’s product portfolio. Notably, the Company will also have full component level repair and refurbish capabilities for nearly all Industrial electronic and electrical equipment.
As a fully owned profitable subsidiary of Viper Networks, EcoTech’s revenue and earnings numbers along with an accounting of all inventory and assets will be featured in the Company’s first quarterly financial filing for the period ending March 31, 2022.
Viper Networks CEO, Farid Shouekani, stated: We are very excited about concluding this acquisition. EcoTech is already paying dividends as we ramp-up our Smart City manufacturing, testing and distribution efforts for deployment throughout the Greater Chicago area. But this is just one piece of a much larger puzzle we are methodically putting together for our growing list of global partners and business relationships.”
Shouekani continued: “In fact, it is from our recent success for new business with relationship building efforts worldwide, in both the private and public sectors, that we are poised to educate the market and our shareholders again and again shortly. For the Company, our aim is high and our reach is far, but our primary goal is profitability. Today, with the acquisition news of EcoTech Solutions… Viper Networks became more profitable.”
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