Viper Networks Inc (VPER)

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Viper Networks Victorious in Dispute with Greenland

Thursday , February 16, 2006 21:58 ET

SAN DIEGO, Feb 16, 2006 (BUSINESS WIRE) -- Viper Networks, Inc., (OTC:VPER), a leading innovator in voice-over-Internet (VoIP) products and services, today announced that it has emerged victorious in its dispute with Greenland Corporation.

Per the terms of the binding arbitration, Greenland is required to return all of the common shares of Viper Networks, as well as the return of a $25,000 cash payment that Viper paid to Greenland at closing. The arbitrator essentially granted Viper's request to rescind the entire transaction, which took place in 2003. Viper intends to cancel the common shares and return them to treasury.

"I am elated with this victory," Viper Networks CEO Farid Shouekani commented. "This is a major step forward as we continue on a positive path of reducing expenses, and focusing on sales as we drive toward our goal of profitability."

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