TROY, Mich.--(BUSINESS WIRE)--Viper Networks, Inc. (Pink Sheets: VPER), is pleased to announce that the Company has signed a term sheet with three other joint venture partners, to create the first U.S.-based LED manufacturing and assembly facility, which will be located in Washington D.C.
The joint venture has been established to provide a new energy efficient production venue that will specifically target job creation and commercial development near the Nation’s Capitol in the District of Columbia.
However, this multi-faceted joint venture will serve a number of critical purposes on behalf of Viper Networks’ corporate growth strategy along with furthering the new industry and job growth initiatives for the region.
Although the Company expects to announce all joint venture entity names and agreement details shortly, Viper Networks is happy to report that the Company and LEDs America, Inc. have secured majority ownership of the JV manufacturing project.
Those who have followed Viper Networks’ corporate news releases during 2012, should recognize the name LEDs America and how far this alliance has evolved, per announcements on numerous occasions denoting agreements, rights and understandings between both parties.
Since an existing building is being leased in the D.C. area for the LED project, the JV partners plan to begin the LED manufacturing and assembly line build-out this month (April), with projected completion next quarter.
The well defined project should further Viper Networks plans for expanding nationally. Once production commences in the Washington D.C. facility, the Company will focus on launching additional facilities, as they are currently working on multiple grants in numerous U.S. regions.
Since the Company will be working directly with one of their acquisition candidates, noteworthy benefits include; verifying ability to manufacture various product designs and patents, especially semiconductor LED chip capabilities, which will allow Viper Networks to control quality and cost, and position the Company in new category, which may justify higher valuation models.
The Company is simultaneously working on several large LED sales contracts for 2012.
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.