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PVSP NEWS HITE PLAINS, N.Y. , June 2, 2011 /PRNewswire/ -- Pervasip Corp. (OTCQB: PVSP), a provider of
video and voice over Internet Protocol (VoIP) and smartphone applications, announced that NetCapital.com LLC has completed a
conversion of debt into common stock. NetCapital converted $148,522 of debt into 594,088 shares of common stock, a
conversion rate of $.25 per share. Pervasip 's Chief Executive Officer, Paul Riss , noted, "We signed a securities settlement
agreement with NetCapital, which allowed them to convert some of the debt they purchased, in a previous transaction, from our
principal lender. We view this settlement agreement as a favorable indicator of the direction we are pursuing with NetCapital."
NetCapital has a signed agreement with Pervasip 's principal lender to purchase all of its outstanding debt.