WHITE PLAINS, N.Y.,
April 2, 2015 /PRNewswire/
-- Pervasip Corp. (USOTC: PVSP) ("Pervasip" or the "Company")
provided an update on its previously announced and ongoing
restructuring and acquisition efforts.
"We eliminated $1,065,000 in debt
during 2015 and entered into agreements to eliminate an additional
$4,398,000," said Paul Riss, the Company's chief executive
officer. "Those amounts collectively correspond to a reduction of
our outstanding debt load by about 73%. Our goal is to eliminate
all of our remaining historical debt by the third quarter of this
year."
"In addition, we recently completed the acquisition of 90% of
the issued and outstanding equity of Canalytix LLC, an energy and
resource solutions provider based in Denver, Colorado. That acquisition is the
first of several strategic transactions that we have targeted with
a view towards consolidating a meaningful asset base and presence
in the indoor grow facility markets, both in Denver and elsewhere."
Canalytix provides advanced analytics through an integrated
cloud-based platform that allows users to monitor and control
greenhouse facilities through the cloud, including real-time data
on energy usage, HVAC systems, lighting and costs. Canalytix is
positioning its offering to meet the specific needs of indoor grow
facilities, and the company has allied itself with a Denver-based distributer of hydroponic
equipment to integrate and provide the Canalytix technology to
existing clients.
Riss continued: "We believe that there are compelling
opportunities for the creation of meaningful shareholder value by
integrating innovative new technologies with existing bricks and
mortar infrastructure in the hydroponic and other grow facility
markets. Our goal is to consolidate and build market share using
that approach. We are evaluating a number of transactions in that
regard and will provide additional information as appropriate."
About Canalytix LLC
Canalytix LLC was formed in 2013
to develop and market energy and resource efficiency technologies
and products, and is currently focused on doing so for indoor plant
growth clients in the Colorado and
other qualified markets. Additional information is available at
www.canalytix.com and www.noveda.com.
About Pervasip Corp.
Pervasip develops and delivers cloud-based technologies to emerging
markets.
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
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/pervasip-provides-acquisition-and-restructuring-update-300060447.html
SOURCE Pervasip Corp.