Pervasip Announces Agreement to Reduce Debt by $1.9 million
January 14 2015 - 3:30PM
InvestorsHub NewsWire
White Plains, NY - January
14, 2015 - InvestorsHub NewsWire - Pervasip Corp.
(OTCQB:
PVSP) (“Pervasip” or the “Company”) announced today that it
executed an agreement with Pension Benefit Guarantee Corporation
(the “PBGC”), pursuant to which PBGC agreed to
accept $100,000 in full satisfaction of $2.0 million in amounts
that had been due from Pervasip.
“Finalizing this agreement
is an important first step in our previously announced
restructuring and acquisition plans,” said Paul Riss, Pervasip’s
chief executive officer. “Reducing the majority of our outstanding
liabilities is critical to our ability to raise new capital and to
complete acquisitions to expand our existing operations. We are
currently in discussions with our lenders for this purpose, and we
hope to reduce significant additional liabilities in the near
term.”
The terms of the Company’s agreement with PBGC are disclosed in a
Current Report on Form 8-K to be filed today, a copy of which can
be viewed online on the SEC website, and which
additionally reports that the Company’s reverse stock split
previously planned for January 31, 2015 has been
cancelled.
About Pervasip
Corp.
Pervasip delivers mobile VoIP
and video telephone service anywhere in the world that has a stable
broadband connection. In addition to international telephone
numbers from 57 countries for mobile phone users, with unlimited
inbound calling, it offers several international outbound calling
plans, including some of the lowest rates to international mobile
phones.
Forward Looking
Statements
The information contained herein
includes forward-looking statements. These statements relate
to future events or to our future financial performance, and
involve known and unknown risks, uncertainties and other factors
that may cause our actual results, levels of activity, performance,
or achievements to be materially different from any future results,
levels of activity, performance or achievements expressed or
implied by these forward-looking statements. You should not
place undue reliance on forward-looking statements since they
involve known and unknown risks, uncertainties and other factors
which are, in some cases, beyond our control and which could, and
likely will, materially affect actual results, levels of activity,
performance or achievements. Any forward-looking statement
reflects our current views with respect to future events and is
subject to these and other risks, uncertainties and assumptions
relating to our operations, results of operations, growth strategy
and liquidity. We assume no obligation to publicly update or
revise these forward-looking statements for any reason, or to
update the reasons actual results could differ materially from
those anticipated in these forward-looking statements, even if new
information becomes available in the future.
Additional
Information
Pervasip Corp.
Paul H. Riss, CEO
phriss@pervasip.com
914-750-9339
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