WHITE PLAINS, N.Y., Dec. 28, 2010 /PRNewswire-FirstCall/ -- Pervasip Corp. (OTC Bulletin Board: PVSP), a provider of Voice over Internet Protocol (VoIP) telephone services, today announced that all of the 15,905,257 warrants held by its lender have been cancelled. The lender has agreed to cancel 25 million warrants for each $50,000 of equity injected by an investor group until all warrants are cancelled upon the receipt of $300,000 in total. The company received a total of $327,700 in new equity, and consequently, the company's lender has sent written notification that all its warrants have been cancelled.
Paul Riss, Pervasip's Chief Executive Officer, stated that "We appreciate the support of our lender and our investors who helped us reduce the total number of fully-diluted shares in the company and increase shareholder value. Now that the warrants have been eliminated, we are focusing on a debt settlement agreement that we have been working on with our lender. We are satisfied with the terms of the preliminary agreement, and we hope to finalize an agreement soon."
Pervasip Corp. delivers wholesale voice over IP (VoIP) telephone services for the residential and small business markets through its wholly owned subsidiary, VoX Communications. Leveraging a nationwide VoIP network and internally developed proprietary software and product features, VoX offers a private-label digital voice program sold to cable operators, cell phone carriers, WiMax carriers, CLECs, ISPs and resellers. VoX differentiates itself through a unique combination of high quality voice services, flexible back-office capabilities and automated provisioning systems. 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, 2009 and any subsequent SEC filings.
SOURCE Pervasip Corp.