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WHITE PLAINS, N.Y., June 29, 2015 /PRNewswire/ -- Paul Riss, chief executive officer of Pervasip Corp. (PVSP) ("Pervasip" or the "Company"), issued the following letter today to the shareholders of Pervasip:
Dear Shareholders:
This is an exciting time for us. As many of you know, we've been implementing a restructuring plan for several months now, the primary goal of which was to improve our balance sheet and capital structure to qualify with the anticipated financial and other requirements of new investors, joint venture partners, licensors and acquisition targets that we have identified. I'm pleased to announce that we've been successful in our efforts in that regard, and we are now poised to execute in the immediate term on our previously-announced acquisition plans.
We plan to expand on our prior disclosures in the next few days as we complete and announce the second of our targeted acquisitions – a revenue-producing retail distribution company servicing the hydroponic and indoor grow facility market in Denver, Colorado. We have what we believe to be a novel plan to build value involving that company, planned additional acquisition targets, and a series of strategically-positioned products and technologies designed to improve grow conditions, yields and value.
We see extraordinary opportunities in front of us, and our technology focus is an essential aspect of our plan to build shareholder value with those opportunities. We're assembling a diversified team of managers, scientists, process engineers, technology developers, and operators with expertise in our target and other markets. We anticipate making a series of management additions over the coming weeks and months, starting with the appointment of our new Chief Science Officer, Dr. Kenneth Hughes.
Dr. Hughes is a creative technologist that specializes in translating complex technologies into practical agricultural, cleantech, industrial, consumer, and military commercial products and strategically building businesses around those products. Dr. Hughes has over 20 patents granted or pending, with several more in development. Dr. Hughes received his Ph.D. in Chemistry from Purdue University and is a former Chemistry and Biochemistry professor at Georgia Tech.
Dr. Hughes is one of several new team members that has been working for several months on a sub-contract basis. His role moving forward includes driving our product and technology development efforts, as well as helping to bring the results of those efforts to the new partners, clients and other key relationships we plan to establish through our retail and other acquisition efforts. We are proud and excited to have him on board. Additional information on our new products, technologies and team members will be made available as appropriate.
In the meantime, we have an exciting summer in front of us, and it begins this week with the expected completion of our second acquisition – a transaction which can also be expected to bring estimated revenues in excess of five million dollars per year. Significantly, given the market valuations of comparable companies, we are hopeful that this transaction will additionally help us to complete both our restructuring plan and additional acquisitions by the end of the summer at reduced costs of capital.
We are grateful for your continued support and we look forward to our next communication.
Best regards,
Paul Riss
Chief Executive Officer
Pervasip Corp.
