WHITE PLAINS, N.Y., Nov. 11, 2015 /PRNewswire/ -- Pervasip Corp. (USOTC: PVSP) ("Pervasip" or the "Company") announced today that its subsidiary Grow Big Supply, LLC ("Grow Big") has posted impressive sales increases every week since the Company closed a financing on October 14, 2015.
"We are pleased with the progress our Grow Big store made since we injected working capital into its operations," said Paul Riss, Pervasip's Chief Executive Officer. "Our recent financing allowed us to completely pay off Laurus Master Fund and generate a $1.9 million gain on troubled debt restructuring. However, our primary goal with the new term loan was to increase sales in our Grow Big store."
Grow Big has posted week-over-week sales gains of 70%, 11% and 31% since the financing was closed.
"Sales in the first week of November are more than double our sales in the first week of October," continued Riss. "We don't know how long we can continue on this trend, but we are very pleased that we have this fast start and have been able to effectively utilize our new capital."
About Pervasip Corp.
Pervasip develops and delivers products and technologies to emerging agricultural markets, with a focus on improving grow conditions, yields and value in hydroponic and other indoor grow facility applications.
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.
Paul H. Riss, CEO
SOURCE Pervasip Corp.