WHITE PLAINS, N.Y., March 25, 2010 (GLOBE NEWSWIRE) -- Pervasip Corp. (OTCBB:PVSP), a provider of Voice over Internet Protocol (VoIP) telephone services, today announced that 25 million of the existing 159,052,573 warrants held by its lender have been cancelled. The lender has agreed to cancel 25 million warrants for each $50,000 of equity injected by an investor group until all warrants are canceled upon the receipt of $300,000 in total.
"The first round of new equity has been injected by an investor group, and accordingly, our lender has sent us signed notices that warrants to purchase 25 million shares of our common stock have been cancelled," said Paul Riss, Pervasip's Chief Executive Officer. "To date we have received $52,000 in cash and we hope to complete the entire $300,000 equity raise shortly so that all of the 159 million warrants can be cancelled," continued Riss. "We appreciate the support of our lender and our investors who are helping us reduce the total number of fully-diluted shares in the company and increase shareholder value."
About Pervasip
Pervasip Corp. delivers wholesale voice over IP (VoIP) telephone services for the residential and small business markets through its wholly owned subsidiary, VoX Communications. Leveraging a nationwide VoIP network and internally developed proprietary software and product features, VoX offers a private-label digital voice program sold to cable operators, cell phone carriers, WiMax carriers, CLECs, ISPs and resellers. VoX differentiates itself through a unique combination of high quality voice services, flexible back-office capabilities and automated provisioning systems. It offers a feature-rich, low-cost, high-quality alternative to traditional phone services. For more information, please visit www.voxcorp.net.
Forward-looking statements: This release contains forward-looking statements that involve risks and uncertainties. Pervasip's actual results may differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include, among others, certain risks and uncertainties over which the company may have no control. For further discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see the discussions contained in Pervasip's Annual Report on Form 10-K for the year ended November 30, 2009 and any subsequent SEC filings.