Pervasip Corp (PVSP)

[Bjones2]

Reverse Split CANCELLED!!!!

White Plains, NY - January 14, 2015 - InvestorsHub NewsWire - Pervasip Corp. (OTCQB: PVSP) (“Pervasip” or the “Company”) announced today that it executed an agreement with Pension Benefit Guarantee Corporation (the “PBGC”), pursuant to which PBGC agreed to accept $100,000 in full satisfaction of $2.0 million in amounts that had been due from Pervasip.

“Finalizing this agreement is an important first step in our previously announced restructuring and acquisition plans,” said Paul Riss, Pervasip’s chief executive officer. “Reducing the majority of our outstanding liabilities is critical to our ability to raise new capital and to complete acquisitions to expand our existing operations. We are currently in discussions with our lenders for this purpose, and we hope to reduce significant additional liabilities in the near term.”

The terms of the Company’s agreement with PBGC are disclosed in a Current Report on Form 8-K to be filed today, a copy of which can be viewed online on the SEC website, and which additionally reports that the Company’s reverse stock split previously planned for January 31, 2015 has been cancelled.