Pervasip Corp (PVSP)

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"We believe our Debt was Holding us back"

Pervasip Reduces Debt By More Than $5 Million
Pervasip Corp. (QB) (USOTC:PVSP)

WHITE PLAINS, N.Y., March 4, 2013 /PRNewswire/ -- Pervasip Corp. (OTCQB: PVSP) (the "Company") today announced its execution of a series of agreements to refinance and eliminate approximately $6 million in senior secured debt. Based upon payments made last week to its secured lenders, approximately $5,031,000 in debt due to its senior secured lender has been immediately eliminated from the Company's books.

"This financing is a significant milestone for Pervasip," said Paul Riss, the Company's chief executive officer. "We believe we have a strong technology platform, an exceptional team of technologists and innovators, and a sizeable head start with our current generation of mobile VoIP and video apps and our existing subscriber base. We believe our debt was holding us back."