NetCapital Converts Portion of Pervasip Debt into Common Stock
WHITE PLAINS, N.Y., June 2, 2011 /PRNewswire/ -- Pervasip Corp. (OTCQB: PVSP), a provider of video and voice over Internet Protocol (VoIP) and smartphone applications, announced that NetCapital.com LLC has completed a conversion of debt into common stock. NetCapital converted $148,522 of debt into 594,088 shares of common stock, a conversion rate of $.25 per share.
Pervasip's Chief Executive Officer, Paul Riss, noted, "We signed a securities settlement agreement with NetCapital, which allowed them to convert some of the debt they purchased, in a previous transaction, from our principal lender. We view this settlement agreement as a favorable indicator of the direction we are pursuing with NetCapital."
NetCapital has a signed agreement with Pervasip's principal lender to purchase all of its outstanding debt.
About NetCapital
NetCapital is a Boston area private equity firm that fills the gap in the financing market for early and late-stage start-ups in specific sectors. Its Chairman, John Fanning, was the founding Chairman and CEO of Napster, and has introduced such net-related innovations as client-server game play, audio chat and auto-upgrading/authentication.
About Pervasip
Pervasip Corp. delivers video and voice over IP (VoIP) telephone services for the residential and small business markets. It differentiates itself through a unique combination of high quality voice services, flexible back-office capabilities and automated provisioning systems. Pervasip recently entered the mobile VoIP services and applications arena, which is expected to approach 300 million users by 2013. It offers a feature-rich, low-cost, high-quality alternative to traditional phone services. For more information, please visit www.voxcorp.net.
Forward-looking statements: This release contains forward-looking statements that involve risks and uncertainties. Pervasip's actual results may differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include, among others, certain risks and uncertainties over which the company may have no control. For further discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see the discussions contained in Pervasip's Annual Report on Form 10-K for the year ended November 30, 2010 and any subsequent SEC filings.
FOR FURTHER INFORMATION: |
||
AT PERVASIP: |
||
Paul H. Riss |
||
Chief Executive Officer |
||
Phone: 212-404-7633 |
||
SOURCE Pervasip Corp.
Share this article