Tech Stock Rallies On New Partnership

A small Michigan-based technology firm just announced a partnership with local service provider interconnected to three separate contracts with Sri Lanka Telecom (SLT), Bharti Airtel and Hutch to Launch 100 Million Phase 1 Smart City Project in Sri Lanka. The project will grow into subsequent phases making it a 500 million project over the next four to five years, according to the release. Shares of Viper Networks Inc. (OTCPK:VPER) rallied on the news.

Viper Networks is an Indian-based company that operates in LED lighting products. It is primarily involved in the manufacturing and distribution of LED lighting to provide superior turnkey LED lighting solutions for metropolitan areas (streets and highways), parking lots, and warehousing facilities anywhere. Further, it also offers intelligent lighting solutions with cameras, sensors, and wireless technologies. The company is also into providing telecom engineering services in the U.S., Middle East, and Northern Africa. The company derives most of the revenue from the sale of Led products.

Traders were bullish on the news as shares traded up to an early session high of $0.0117/share (+15.84%) following the announcement. This move comes as the first sign of life for this micro cap since the pullback experienced from its 52-week high of $0.0731/share.