WHITE PLAINS, N.Y., Nov. 28, 2011 /PRNewswire/ -- Pervasip Corp. (OTCQB:PVSP) ("Pervasip" or the "Company"), a leading provider of video and voice over Internet Protocol ("VoIP") telephone services and cloud based computing has entered into an agreement with a private investor, G3 Connect, LLC ("G3"), to retire $400,004 worth of outstanding convertible debentures. G3 purchased these outstanding debentures from a third-party.
Pervasip's Chief Executive Officer, Paul Riss, noted, "G3 is a strong long term equity partner. G3 has already provided us with $100,000 in working capital and has agreed to continue to inject cash of $50,000 per month for eight additional months, for which we will issue stock to G3 at a price of two cents ($0.02) per share. We are pleased to announce that G3 has increased its interest in Pervasip by purchasing convertible debentures that were previously issued to a third party. G3 will become our largest shareholder, although it will not own a majority of the outstanding shares."
"We are very excited about Pervasip's video technology and we have agreed not to sell any of our equity holdings for at least one year," said Barry MacCheyne, President of G3. In addition to providing fresh capital to Pervasip, we believe we will be helpful to the Company's growth and development."
In addition to its video phone product, Pervasip recently announced a mobile phone Android app that allows users to make 3G/4G and WiFi calls on their Android device without using the voice plan minutes on their existing smart phone plan. The mobile VoIP app can be viewed or downloaded at the following website:
"G3 plans to help us sell both our video VoIP services and our VoIP apps," continued Riss. "They are providing us with a seasoned sales team and the cash we need to fund our operations. It is our intent that such funds will enable the Company to avoid financing alternatives that are more dilutive."
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