Debt Conversion Values Company At $50 million
Pervasip announced today that it has completed conversion of $1.5 million in debt at a $50 million valuation and confirms no reverse split is forthcoming
""As part of our ongoing efforts to ensure shareholder value we are very pleased to share that Paul Riss has agreed to convert his debt at a rate commensurate to the value of the Company," German Burtscher, President & CEO
SEATTLE, WASHINGTON, FEBRUARY 8, 2022
Pervasip Corp. (OTC: PVSP) (“Pervasip” or the “Company”), a developer of companies and technologies in high value emerging markets, and its subsidiaries, Artizen Corporation (“Artizen”) and Zen Asset Management LLC (“ZAM”), a diversified asset management company that was founded to acquire, develop, and support companies and technologies in the cannabis industry, today announced that it has completed conversion of $1.5 million in debt and no intention of any reverse split in the foreseeable future.
Pervasip successfully negotiated conversion of $1.5 million in debt held by Paul Riss in exchange for 150 million shares of restricted common stock, or $0.01 per share, valuing the business at approximately $50 million.
"As part of our ongoing efforts to ensure shareholder value we are very pleased to share that Paul has agreed to convert his debt at a rate commensurate to the value of the Company," said German Burtscher, the company's President & CEO. "Paul continues to be a trusted advisor and understands the tremendous upside for our business. I have heard from various shareholders over the past several weeks, and this is one of many important steps to ensure the health of our business. I am also often asked if we intend to implement a reverse split. I have been consistent in my responses that we have no plans to reverse the stock, and we see no need to do so for the foreseeable future, beyond the two year horizon. We plan to complete our audits and uplist to OTCQB sometime in 2023, and, from there, the next move to OTCQX or NASDAQ might require a reverse split to ensure full compliance with all registration requirements."
Pervasip Corporation (PVSP) is a developer of companies and technologies in high value emerging markets and owns 100% of Artizen Corporation (“Artizen Corp”). Artizen Corp’s wholly owned subsidiary, Zen Asset Management LLC (“ZAM”), is a diversified asset management company founded to acquire, develop, and support companies and technologies in the cannabis industry. ZAM’s existing clients operate four licensed cannabis cultivation and one processing facility in Washington. Most of the biomass produced by these independent cultivators has been sold historically under the Artizen™ brand, including all-time top selling products in flower in Washington state. For more information about Artizen branded products, visit: www.artizencannabis.com
This news release contains statements and information that, to the extent that they are not historical fact, may constitute “forward-looking information” within the meaning of applicable securities legislation. Forward-looking information may include financial and other projections, as well as statements regarding future plans, objectives, or economic performance, or the assumption underlying any of the foregoing. In some cases, forward-looking statements can be identified by terms such as may, would, could, will, likely, except, anticipate, believe, intend, plan, forecast, project, estimate, outlook, or the negative thereof or other similar expressions concerning matters that are not historical facts. Examples of such statements include, but are not limited to, statements with respect to the objectives and business plans of the Company; ability to realize benefits from its recent corporate appointments; ability to retain its key personnel; the intention to grow the Company’s business and operations; the competitive conditions of the industries in which the Company operates; and laws and any amendments thereto applicable to the Company. Forward-looking information is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. The material factors and assumptions used to develop the forward-looking information contained in this news release include, but are not limited to, key personnel and qualified employees continuing their involvement with the Company; and the Company’s ability to secure financing on reasonable terms. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, including, without limitation, risks relating to the future business plans of the Company; risks that the Company will not be able to retain its key personnel; risks that the Company will not be able to secure financing on reasonable terms or at all, as well as all of the other risks as described in the Company’s periodic disclosure statements. Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking information speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company’s management to predict all of such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The Company does not undertake any obligation to update any forward-looking information to reflect information or events after the date on which it is made or to reflect the occurrence of unanticipated events, except as required by law, including securities laws.
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