Pervasip Provides Update on Restructuring Plan
January 23 2015 - 9:26AM
InvestorsHub NewsWire
WHITE PLAINS, NEW YORK –
January 23, 2015 –
Pervasip Corp. (OTCQB:
PVSP) (“Pervasip” or the “Company”) today provided an update of
its ongoing restructuring efforts.
“We have completed negotiations for
a restructuring of our senior debt that would result in the
reduction of more than $1.0 million of debt,” said Paul Riss,
Pervasip’s chief executive officer. “That transaction, as well as
the $1.9 million debt reduction announced last week are critical to
our ability to structure targeted acquisitions that we hope to
complete in the coming weeks and months. We are pleased to have the
cooperation of our various creditors in our restructuring efforts.
We intend to provide an additional update on our efforts next
week.”
Pervasip previously announced its
execution of a settlement agreement with Pension Benefit Guarantee
Corporation (“PBGC”), pursuant to which PBGC agreed to accept
$100,000 in full satisfaction of about $2.0 million in amounts that
had been due from the Company.
About Pervasip
Corp.
Pervasip delivers mobile VoIP and
video telephone service anywhere in the world that has a stable
broadband connection. In addition to international telephone
numbers from 57 countries for mobile phone users, with unlimited
inbound calling, it offers several international outbound calling
plans, including some of the lowest rates to international mobile
phones.
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
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