$PVSP News WASHINGTON, Oct. 10, 2022 (GLOBE NEWSWIRE) -- Pervasip Corp. (OTC: PVSP) (“Pervasip” or the “Company”), a developer of companies and technologies in high value emerging markets, together with Zen Asset Management LLC (“ZAM”) today announced the execution of a letter of intent (“LOI”) to acquire substantially all of the assets of BCCTG LLC (“BCCTG”).
BCCTG, owner of various brands, including Emerald City Cultivation, Emerald City Cured, Dabco, Dabs4Less and Vapes4less has agreed to terms to be acquired by ZAM, combining its brands and concentrate offerings with ZAM’s Artizen brands to form a powerful portfolio of brands, covering flower, pre-roll, dabbable concentrates and vape products.
BCCTG’s brands, which generate $4 million in annualized revenues, manufactured in a state-of-the-art laboratory. The terms include acquisition of all BCCTG assets, including its brands, access to a Tier 2 producer/processor license and a turnkey laboratory which will be used to also manufacture new products under the Artizen brand.
According to the terms of the LOI, Zen will acquire the assets of BCCTG for cash, paid from contributed revenues with a monthly upper limit and cash neutral on current pre-transaction financials. In addition, Pervasip will provide a group of BCCTG owners, investors and employees 10.2% of Pervasip’s fully diluted equity in the form of restricted preferred stock.
“As outlined in our 24-months roadmap, which we published on September 6, 2022, this acquisition checks 2 of our boxes on the list of strategic objectives to be accomplished by year’s end 2022,” said German Burtscher, Pervasip’s CEO. “Not only will it immediately add revenue upon final closing of the deal, but it will also add infrastructure, expertise and a handful of well-regarded brands to our brand lineup. Brian Martin and his team at Emerald City Cultivation and Dabco have done incredible work and built a strong and highly respected company. We are excited to add the BCCTG team to our Washington operation and fill critical open positions with market leading expertise. Final terms will be released upon closing, projected for the end of November 2022.”
Emerald City Cultivation and Dabco are brands known for high quality concentrates product (dab and vape) and with over 40,000 followers have established a well-deserved fanbase.
“Combining forces with Artizen and offering a complete and potent product lineup to Washington retailers has been a vision of mine for some time now,” said Brian Martin, Founder and President of BCCTG and Emerald City Cultivation. “Being able to do this, take care of our investors who have been with us from the beginning of this venture, and join the Artizen team is a wonderful opportunity. Artizen is one of the original Washington State cannabis brands and our combined lineup will allow retailers to offer a variety of products across multiple price points, all from a single trusted partner. Combining our assets and experience will also allow us to enter markets outside of Washington and take our vision and duplicate it in other markets. Look out for more announcements regarding new products over the next few weeks and months.”
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