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Viper Networks, Inc.: Viper Networks, Inc. (VPER) Announces $10 Million Institutional Funding Commitment

^{Published on 2009-10-12 13:38:20 - Market Wire}
 

TROY, MI--(Marketwire - October 12, 2009) - Viper Networks, Inc. (PINKSHEETS: [ VPER ]), a telecommunication network operations and technical management company, announces that it has secured an institutional funding commitment with a private equity firm based in [ Riyadh, Saudi Arabia ] for $10,0000,000 (U.S. dollars) with an option for an additional $5,000,000.

This non-dilutive, debt financing is a direct obligation of the company's previously announced India Joint Venture with [ Cirilium India Pvt. Ltd. ] and not Viper Networks, Inc. Upon repayment, the investor will retain a minority interest in the India Joint Venture. The financing will be funded in $2,500,000 traunches and will be used for equipment, expanding routes and working capital.

As a condition of this recent arrangement, Viper Networks has made available one seat on its Board of Directors, to be filled at the institutional investor's discretion.

Commenting on the debt financing commitment, Farid Shouekani, President of Viper Networks, Inc., said, "The funding transaction announced today is a powerful validation of the company's licenses, technology and business strategy, especially at a time when the pressure is on telecom operators to generate new income and reduce capital expenditures. We are particularly delighted that they have decided to play a key role in taking Viper Networks to the next stage of our development. We believe that the real value of their involvement represents significantly more than their debt financing commitment. The firm's proactive contribution to the management and future direction of our company is a very exciting prospect indeed, given its highly successful track record with its portfolio companies."

For further information, contact Rich Kaiser, Investor Relations YES INTERNATIONAL, 800.631.8127 or e-mail to [ info@vipernetworks.com ].

Except for the historical information contained herein, this press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from the results predicted and reported results should not be considered an indication of future performance. In addition, the factors discussed in the filings with the Securities and Exchange Commission, among the other factors that could cause actual results to differ materially.