Viper Networks (OTCMKTS:VPER) Decreases More Debt with Reduction of $12.7 Million
Viper Networks (OTCMKTS:VPER) has been under massive financial debt for quite some time. But the situation for this emerging company in the LED lighting products and integrated systems markets, is gradually improving. It has just been announced that the company has reduced its total debt by $12,716,841 million USD.
Back in May, it had cut down its debt by $38,567,237 million USD. The recent announcement is proof that Viper’s efforts are finally paying off! The $12,716,841 reduction has been achieved by negotiating accrued executive compensation and issuing 10,597,368 restricted shares of Series B Preferred stock. This move leaves a debt of just $500,000 – it is a significant 96% reduction netting over 99% debt reduction through the year.
It has been a good year for the company with a stock growth of more than 1800%. The strategic alliance with Toledo Solar and launching of several smart city projects in Sri Lanka and 21 suburban cities in the Greater Chicago area has contributed majorly to its journey.
As of now, management has full faith in Viper’s future growth, thanks to this financial reengineering, and is prepared to maximize shareholder value. Moreover, an active fall season is expected with new client updates and other developments. A “Disclosure Statement” will be filed with Unaudited Consolidated Financial Statements within the required 45-day period following the three-month period that ends on 30th September, 2021.
