In recent times, Viper Networks (OTCMKTS:VPER) has emerged as a force to be reckoned with in the LED lighting products space. In addition to that, the company is also involved in the integrated systems market.
On Thursday, VPER stock decreased 5.88% at $0.0040 with more than 53.07 million shares, compared to its average volume of 47.97 million shares. The stock has moved within a range of $0.0039 – 0.0050 after opening trade at $0.0045.
Enters Agreement To Acquire Ecotech Solutions
Yesterday, the company was in the news after it made an announcement with regards to a new acquisition. However, it did not lead to any boost for the Viper Networks stock, which experienced a selloff and went down by 6%. Yesterday’s selloff took the losses recorded by the stock to as much as 28% over the course of the past week.
In this context, it may be a good time to take a closer look at the actual announcement. The company announced yesterday that it had inked an agreement with regards to the acquisition of Sheridan, Illinois based EcoTech Solutions Inc. The company also noted that it was going to acquire a 100% stake in EcoTech.
In recent times, the company has working diligently in order to further expand the smart city pipeline that it controls and the latest acquisition is a move in the same direction. It is believed that the acquisition of EcoTech is going to help Viper in integrating its operations vertically and also make the management of costs and margins far more efficient.
Viper Networks’ President, Mr. Farid Shouekani, stated: “Viper is diligently working on the smart city deployment for the 21-city roll-out in the Greater Chicago area and this acquisition will certainly help with deployment and testing and so much more. Located just 65 miles southwest of Chicago, EcoTech is a near perfect addition to several major current projects and is well-positioned to expand our overall sales and distribution areas going forward”.
VPER stock is trading below the 20-Day and 50-Day Moving averages of $0.0053 and $0.0072 respectively. Moreover, the stock is above 200-Day moving average of $0.0072. The stock is down 30% in the past month.