Paul Riss, the CEO of Pervasip Corp (OTCMKTS:PVSP) issued a letter to the company’s shareholders so as to update on recent developments. The company is working on a restructuring plan, the primary objective of which remains to improve capital structure and balance sheet to qualify with the expected financial and other requirements of licensors, joint venture associates, new investors, and identified acquisition targets. Mr. Riss expressed said that he is delighted to report that management has been successful in its efforts, and they are now well placed to execute previously reported acquisition plans.
The CEO of Pervasip stated that they plan to work on announced plans in the next few days as they close and report the second of their targeted acquisitions. It is revenue generating retail distribution firm servicing the indoor grow and hydroponic facility in Denver. The company has a novel plan in place to create value pertaining to planned acquisition targets, and a series of technologies and products designed to enhance grow conditions, value and yields.
Mr. Riss added that Pervasip Corp (OTCMKTS:PVSP) management sees immense opportunities in the near term. The focus is also on technology which is an essential part of plan to create shareholder value. The company is assembling an extensive team of operators, technology developers, process engineers, scientists and managers with expertise in target and other markets. There can be changes in management over the coming period, commencing with the appointment of Dr. Kenneth Hughes, the new Chief Science Officer.
The future ahead
As of now, the focus is on to complete the announced plans starting with the completion of second acquisition. The new deal is expected to bring projected revenues of more than $5 million annually. This deal wills additionally Pervasip to complete restructuring plan and other acquisitions at lower costs of capital.
Pervasip Corp (OTCMKTS:PVSP) gained 36.36% to close at $0.00150 in yesterday’s trading session. The stock has a market capitalization of $7.05 million with 4.70 billion shares.