Emerging company in LED lighting products and integrated markets, Viper Networks (OTCMKTS:VPER) on September 21, 2021, announced a reduction of the total company debt by USD 12,716,841.
Viper Networks is working to ameliorate financial performance and confirmed a debt reduction of $38,567,237 million back in May. The firm has confirmed an agreement on reducing about $12,716,841 through negotiating accrued executive compensation as well as the issuance of 10,597,368 restricted shares of Series B Preferred stock. Post this, the debt will be just $500,000, a significant 96 percent reduction and over 99 percent debt reduction through 2021.
The company’s stock growth during the year has an impressive 1800% besides a strategic alliance with Toledo Solar. Furthermore, Viper also kicked off smart city projects in Sri Lanka as well as 21 suburban cities in the Greater Chicago region.
The financial reengineering is being done ensuring management has complete faith in the continued growth and is also committed on the maximization of shareholder value. The firm is also expecting an active fall season as well as anticipating new client updates besides the announcement of exciting developments.
Viper Networks will also be filing a ‘Disclosure Statement’ with Unaudited Consolidated Financial Statements. This will be done in the required 45-day window after the three-month timeframe ending September 30, 2021.