WHITE PLAINS, N.Y., May 15, 2015 /PRNewswire/ -- Pervasip Corp. (USOTC: PVSP) ("Pervasip" or the "Company") announced today an agreement with Flux Carbon Corporation ("FCC") in which FCC agrees to absorb the impact of common stock issued by the Company to its secured debt holders who choose to convert their debt into shares of common stock.
Paul Riss, the Company's chief executive officer, said "We continue to work with our shareholders to create value and reduce our debt burden, and we are pleased to say that the remaining convertible secured debt will convert into shares of common stock, without impacting the total number of outstanding shares. FCC is our largest shareholder and currently owns 1,000,000,000 shares of common stock of Pervasip. We expect that FCC's agreement to do so will be sufficient to offset the dilutive impact as we satisfy our remaining secured debt."
"We also continue to work on our targeted acquisitions," continued Riss. "This new agreement is important to finalizing and closing our next planned acquisition transaction."
About Pervasip Corp.
Pervasip develops and delivers cloud-based technologies to emerging markets. The Company's Canalytix subsidiary is a provider of 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.
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.