WHITE PLAINS, N.Y.,
July 2, 2015 /PRNewswire/
-- Pervasip Corp. (USOTC: PVSP) ("Pervasip" or the "Company")
announced today its execution and closing of agreements to acquire
100% of the issued and outstanding equity of Plaid Canary
Corporation ("Canary"), a special purpose consolidation company
focused on acquiring, developing and supporting companies and
technologies in emerging agricultural markets.
Among Canary's current holdings is a 60% stake of Grow Big
Supply LLC ("Grow Big"), a retail distribution company servicing
the hydroponic and indoor grow facility market in Denver, Colorado. Founded in 2011, Grow Big
has established itself as a key partner and supplier to the grower
community, relying on its entrepeneurial, knowledge-based approach
as it grew to in excess of $5 million
per year in sales. Grow Big hasn't lost sight of its roots despite
its growth, and its experienced leadership and team continues to be
immersed in the grower community's culture and needs.
"We are proud and excited to complete this acquisition," said
Paul Riss, Pervasip's Chief
Executive Officer. "We believe that the opportunities in this
market are simply remarkable. We plan to expand Grow Big's reach
and to establish its Denver
footprint as a model for long-term growth in other regional markets
as conditions warrant."
"We have already begun to work towards that objective. We have
identified additional acquisition and joint venture targets, and we
plan to assimilate a portfolio of technologies, including advanced
chemical detection, growth, sterilization, oil extraction and other
technologies designed to improve grow conditions, yields and value.
Additional information on our continuing efforts on each front will
be provided in the coming days and weeks as we execute the relevant
agreements."
Pervasip acquired 100% of the equity of Canary from FLUX Carbon
Corporation ("FCC") in exchange for Pervasip preferred shares
corresponding to 50% of Pervasip's issued and outstanding equity,
bringing FCC's ownership to about 60% of the Company's issued and
outstanding capital stock. Importantly, FCC has also agreed to
absorb 100% of the dilutive impact of common stock issued by the
Company to its secured debt holders who choose to convert their
debt into shares of common stock.
Additional information regarding Pervasip's acquisition of
Canary will be provided in a new shareholder letter and a Current
Report on Form 8K to be filed next week.
About Pervasip Corp.
Pervasip develops and
delivers proprietary products and technologies to emerging markets,
with a focus on emerging agricultural markets.
Forward Looking Statements
The information contained
herein includes forward-looking statements. These statements
relate to future events or to our future financial performance, and
involve known and unknown risks, uncertainties and other factors
that may cause our actual results, levels of activity, performance,
or achievements to be materially different from any future results,
levels of activity, performance or achievements expressed or
implied by these forward-looking statements. You should not
place undue reliance on forward-looking statements since they
involve known and unknown risks, uncertainties and other factors
which are, in some cases, beyond our control and which could, and
likely will, materially affect actual results, levels of activity,
performance or achievements. Any forward-looking statement
reflects our current views with respect to future events and is
subject to these and other risks, uncertainties and assumptions
relating to our operations, results of operations, growth strategy
and liquidity. We assume no obligation to publicly update or
revise these forward-looking statements for any reason, or to
update the reasons actual results could differ materially from
those anticipated in these forward-looking statements, even if new
information becomes available in the future.
Additional Information
Pervasip Corp.
Paul H. Riss, CEO
paul@growbigsupply.com
914-750-9339
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SOURCE Pervasip Corp.
