May 29, 2012, 9:15 a.m.
Pervasip Debt Reduction Reaches $6.4 Million
Pervasip Corp. (PVSP.PK) (the "Company"), a provider of mobile VoIP and video telephone services that utilize cloud-based technology, announced today that JDM Group, LLC ("JDM") has made an additional payment of $100,000 to the Company's secured lenders, which resulted in a debt reduction to the Company of $829,939.
Under the terms of the agreement with JDM, the Company has received total debt reductions of approximately $6,400,000 in 2012.
Pervasip's CEO, Paul Riss, stated, "We are pleased to remain on schedule with our debt reduction agreement and JDM plans to continue to remit payments over the next seven months to pay off our secured lenders in full. We are also confident in our Mobile VoIP app business now that we have received over 50,000 downloads and many excellent reviews from users about quality and cost savings. We have enabled the app with a promotional code field so we can now market successfully to communities around the globe through partner web sites and blogs."
JDM contracted with the Company's secured lenders to pay $1,500,000 over a ten-month period to purchase $13,949,086 of debt, which began on February 15th. JDM remitted an additional payment of $100,000, and the Company's secured lenders have assigned to JDM $929,939 of the debt in exchange for the $100,000 payment. In conjunction with such assignment from the Company's secured lenders, JDM reduced the debt that the Company owes to JDM by $829,939.
Pervasip Corp. delivers global VoIP telephone services for the residential and small business markets. It differentiates itself through a unique combination of high quality voice services, flexible back-office capabilities and automated provisioning systems. Pervasip recently entered the mobile VoIP services and applications arena, which is expected to approach 300 million users by 2013. It offers a feature-rich, low-cost, high-quality alternative to traditional phone services. For more information, please visit www.voxcorp.net.
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April 29, 2013, 2:12 p.m.
March 4, 2013, 9:39 a.m.
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