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Viper Networks Receives LOI and Term Sheet From Export-Import Bank of the United States for $17.7 Million to Fund LED Lighting Project in Lebanon
TROY, MI–(Marketwired – Feb 24, 2015) – Viper Networks, Inc. (OTC PINK: VPER), an intelligent LED lighting solutions provider (in partnership with Apollo Metro Solutions), is pleased to announce that the Company has received a Letter of Interest and Term Sheet from the Export-Import Bank of the United States for $17,747.950.00 (17.7 million U.S. dollars).
The terms call for a minimum cash payment of 15% ($2,662,192.50 U.S.) to the Company, the supplier, and Apollo Metro Solutions, the exporter, for the U.S-based manufacturing and delivery of Intelligent LED Street Lights with smart grid wireless control on behalf of the borrower/buyer, the Ministry of Interior and Municipalities of the Lebanese Republic.
The amount of the contract price to be financed will be 85% or $15,085,757.50 U.S. After the final application and contract are approved by the Export-Import Bank, the Company will start getting paid once delivery begins. Estimated time period to complete the first project is 8 to 10 months from the initial funding amount of $17.7 million U.S.D.
For Export-Import Bank of the United States to issue a Final Commitment, the borrower (Ministry Of Interior And Municipalities of the Lebanese Republic) or the lender (Ministry of Finance of the Lebanese Republic) must submit a final application, together with a copy of the export contract between the U.S. exporter (Apollo Metro Solutions) and the foreign buyer.
For several years the country of Lebanon has been on an impressive pace toward rebuilding the country’s infrastructure, which now includes approximately $1 billion budgeted for lighting vast amounts of Lebanon’s streets and highways.
This is the first of what is expected to become a continuing agreement to provide Intelligent LED Lights with smart grid wireless control to serve the Ministry Of Interior And Municipalities of the Lebanese Republic’s lighting needs across the country.
Please note that Viper Networks has had an office in Lebanon for almost 10 years with one of the Company’s key executives overseeing numerous international projects while solidifying vital governmental contacts and building personal business relationships.
Notice Regarding Forward-Looking Statements
This news release contains “forward-looking statements” as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements.
Heritage First Capital & Equity Research Group, LLC
Scott A-B Gibson