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Sunday, May 17, 2015 1:00:59 AM
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.”
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