Pervasip Debt Reduction Reaches $6.4 Million
WHITE PLAINS, N.Y., May 29, 2012 /PRNewswire/ -- Pervasip Corp. (OTCQB: PVSP) (the "Company"), a provider of mobile VoIP and video telephone services that utilize cloud-based technology, announced today that JDM Group, LLC ("JDM") has made an additional payment of $100,000 to the Company's secured lenders, which resulted in a debt reduction to the Company of $829,939.
Under the terms of the agreement with JDM, the Company has received total debt reductions of approximately $6,400,000 in 2012.
Pervasip's CEO, Paul Riss, stated, "We are pleased to remain on schedule with our debt reduction agreement and JDM plans to continue to remit payments over the next seven months to pay off our secured lenders in full. We are also confident in our Mobile VoIP app business now that we have received over 50,000 downloads and many excellent reviews from users about quality and cost savings. We have enabled the app with a promotional code field so we can now market successfully to communities around the globe through partner web sites and blogs."
JDM contracted with the Company's secured lenders to pay $1,500,000 over a ten-month period to purchase $13,949,086 of debt, which began on February 15th. JDM remitted an additional payment of $100,000, and the Company's secured lenders have assigned to JDM $929,939 of the debt in exchange for the $100,000 payment. In conjunction with such assignment from the Company's secured lenders, JDM reduced the debt that the Company owes to JDM by $829,939.
Pervasip Corp. delivers global 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.
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.
For further information:
Paul H. Riss
Chief Executive Officer
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