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Viper Networks to Acquire Entire 15th Floor of Premium Dubai Office Building for Operational Expansion

^{Published on 2011-04-14 05:10:28 - Market Wire}
 

TROY, Mich.--([ BUSINESS WIRE ])--Viper Networks, Inc. (Pink Sheets:VPER), a telecommunication network operations and technical management company, is pleased to announce the Companya™s plans to acquire the entire 15th floor of the well known aExecutive Heights for DAMACa™ office building located in the affluent business district of Dubai, the largest city in the [ United Arab Emirates ] (U.A.E.).

The professional office space of 19,155 square feet, is being purchased from Al-Husseini Brothers Company, an export/import trading firm and real estate company with operations in Dubai, Jordan, and Qatar.

Terms of the commercial real estate transaction will be disclosed after the closing, but Viper Networksa™ management expect the final agreement to approximate 50% in equity priced above the current market price and 50% in future cash flow, profit sharing arraignments.

Currently appraised at $6 million (USD), upon the official documented closing, the commercial building space property will become a 100% owned asset of Viper Networks, Inc.

Some of the corporate expansion plans for the new building space, include a major call center operation for multiple Company and/or subsidiary business applications and a tele-medicine platform operation to be announced at a later date.

In other news; the Companya™s Communications and Wireless Services division based in Riyadh, Saudi Arabia, has now booked over $2,000,000 (USD) in business for the initial six month period, which ended March 31, 2011. Further financials can be expected as the Companya™s accounting firm completes the 2010 fiscal end year for submission to the OTC Markets.

Finally, per the U.S. District Court (Southern District of New York) Re: RATES-VIPER PATENT LITIGATION, a final judgement has been reached (Court dated April 4, 2011). Whereas Viper Networks, Inc. and Rates Technology, Inc. have entered into a Settlement Agreement resolving all claims and counterclaims remaining in the Consolidated Action. This matter is now closed.

For additional information, please visit [ www.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.