Viper Networks Demonstrates Strong Growth in Release of Annual Report
TROY, Mich., March 17, 2025 (GLOBE NEWSWIRE) -- Viper Networks (OTCPK: VPER) released its Annual Report today, showing strong revenue growth, substantially improved cash flow, and positive EBITDA (non-GAAP) in the 4th quarter of 2024.
Substantial milestones for the year include:
- The company closed on the acquisition of the telecommunications assets of Hammer Fiber Optics Holdings Corp – 0Wire Communications, LLC (formerly 1stPoint Communications, LLC) and its subsidiaries and Endstream Communications, LLC – in exchange for 2,500,000 shares of HMMR common stock. The HMMR common stock was obtained in a Share Exchange Agreement with two related parties in exchange for the company’s Series B preferred stock.
- During the year the company completed the deployment of 108 smart poles and their Apollo smart lights in the capital city of Colombo, Sri Lanka. The project was a pilot for future projects which are currently in the design phase.
- The company progressed in its proposed pilot project to deploy smart poles in the Chicago greater metro area, and expects to finalize the project in the coming quarters.
- The company also progressed in its deployment in the Eastern Caribbean, with the first deployment expected in the third quarter of 2025.
- The Board of Directors approved the conversion of $419,340 in notes payable to related parties to Series B preferred stock and the conversion of $225,000 in accrued salaries of related parties to Series B preferred stock, substantially improving the company’s balance sheet.
- All responsibility for the accounting and financial operations of the company have been assumed by the accounting and management staff of 0Wire Communications. The management and operations of the company improved substantially, with the addition of a new Chief Executive Officer, Chief Administrative Officer and Secretary along with several other key senior management positions.
- The company began its strategic rebranding effort. 0Wire was selected because of its alignment with the company’s Everything Wireless: Telecommunications+Energy strategy.
Financial milestones include:
- Annual revenue increased to $936,597 in 2024, from $30,600 for the same period in the prior year. Annual revenue included only two months of operations of 0Wire Communications and Endstream Communications.
- The telecommunications business unit reported $770,000 in revenue during the period from August 1, 2024 to October 31, 2024 prior to the acquisition by Viper. The business unit generated in excess of $818,000 in revenue in just two months in November and December, a 37.2% increase in gross revenue as reported on a quarterly basis.
- Operating loss increased marginally to $536,359 from $517,110 in the prior period. $347,340.10 of the SG&A expenses were accrued in the first three quarters of 2024 by Viper, compared with only $17,462 in the final two months of the year. The decrease in SG&A was due to the reduction in accrued salary expenses, contract expenses and accounting expenses caused by the substantial synergies achieved in the acquisition of 0Wire Communications.
- Net loss decreased to $319,085 from a loss of $820,933 in the prior year. The entirety of the loss was accrued during the first ten months of the period. Operations were both EBITDA and cash flow positive for the last two months of the year.
- Total assets increased to $2.978 million, while total liabilities increased to only $1.621 million, compared with $.267 million in assets and $.527 million in liabilities at the end of the prior period.
“2024 was a transformative year for Viper. We are making progress across all of the business practices in our Everything Wireless strategy. Our Over-the-Top business continued to grow substantially in both our messaging and voice businesses, driven by our unique set of licenses,” said Erik Levitt, the company’s CEO. “We will continue to invest in and develop our fixed wireless, mobility, smart city and energy generation projects. We see the development of a ubiquitous platform for the sustainable global deployment of 5G as a key objective in developing markets.”
“The Board of Directors is very excited about our direction, management and growth in our operations,” said Farid Shouekani, Viper’s Chairman and President. “Our management team has the talent, energy and contacts to pursue our aggressive strategy. We are seeing strong results from operations in our first quarter of 2025. Investors can expect announcements about our mobility and smart city sectors in the coming quarters,” added Shouekani.
ABOUT VIPER NETWORKS, INC.
Viper Networks is a service provider of telecommunications, smart city and energy generation projects. Our “Everything Wireless Telecom+Energy” strategy is designed to integrate mobility, fixed wireless, over-the-top (“OTT”) technologies and smart cities into a single platform that can deployed in any market globally. For more information go to 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.
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