Pervasip Corp (OTCMKTS:PVSP) issued an update on acquisitions and restructuring measures. The Chief Executive Paul Riss disclosed that the company made a payment of $1.065 million in debt in current fiscal. It finalized numerous agreements to minimize debt of $4.398 million. The recent measures helped the company to reduce the total outstanding debt by as much as 73%. Also, the plan is to reduce the remaining debt by end of 3Q2015.
Pervasip informed that the company bought ninety percent stake of the issued and outstanding equity of firm “Canalytix LLC.” The company is a leading name in the sector of resource and energy solutions supplier and is based in Denver. The completion of deal marks the first acquisition that Pervasip management is targeting in the year. The objective is to create a meaningful asset base that can enhance shareholder value. It intends to increase its market share in the segment of indoor grow facility in Denver and several other locations.
Pervasip Corp (OTCMKTS:PVSP) bought Canalytix in order to get hold of the advanced analytics offerings provided by the company. The products are offered using an integrated cloud-based system. The customers can monitor and keep a track of greenhouse facilities using the integrated system. It includes various features like real-time data, HVAC systems and also a check on energy usage. It will meet the tracking needs of indoor grow space.
Riss further said that Pervasip management is confident of cashing on the lucrative opportunities available in the market. It can be achieved by bringing innovative technologies to the new emerging sectors.
In last trading session, the stock price of Pervasip declined 8% to close the trading session at $0.00230. The decline came at a share volume of 57.59 million compared to the average share volume of 78.96 million.