Pervasip Corp (OTCMKTS:PVSP) provided an update on its earlier announced and ongoing acquisition and restructuring plans. Paul Riss, the Chief Executive said that the company eliminated $1.06 million in debt during FY2015 and entered into deals to reduce an additional $4.39 million. The total amount corresponds to a decrease of the outstanding debt by as much as 73%. The prime goal of the company is to pay all of the remaining historical debt by 3Q2015.
Pervasip Corp concluded the purchase of 90% of the issued and outstanding equity of “Canalytix LLC.” It is a resource and energy solutions provider based in Colorado. The acquisition of Canalytix is the first of numerous strategic deals that the company has decided with a view towards having a meaningful asset base and strong presence in the indoor cultivation facility markets.
Canalytix which is acquired by Pervasip offers advanced analytics via an integrated cloud-based system that enables users to observe and control greenhouse facilities via the cloud technology. It covers real-time data on HVAC systems, lightning and costs and energy usage. The company is positioning its solutions to fulfill the specific needs of indoor cultivation facilities, and it has associated itself with a distributer of hydroponic equipment to combine and offer the Canalytix technology to existing customers. The company was established in 2013 to produce and commercialize energy and resource efficient products and technologies.
Riss stated that the management of Pervasip believes that there are attractive opportunities for the enhancement of meaningful shareholder value by combining unique new technologies with prevailing retail infrastructure in the prevailing hydroponic and other grow cultivation markets. The prime objective is to consolidate and enhance market share using the mentioned approach. The company is evaluating a number of deals in that respect and will update with developments in the future.