Pervasip Corp (OTCMKTS:PVSP) released an update on its acquisitions and restructuring plans. Paul Riss, the CEO said that the company paid $1.065 million in debt during 2015. It made several deals to reduce an additional debt amounting to $4.398 million. The amounts collectively represent a total elimination of the total outstanding debt by about 73%. The objective is to pay off all the remaining debt by 3Q2015.
The acquisition update
Pervasip Corp stated that the company finished the purchase of ninety percent of the issued and outstanding equity of “Canalytix LLC.” It is a resource and energy solutions supplier based in Denver. It marks the first acquisition of several transaction deals that the company has targeted with an objective towards achieving a meaningful asset base. Also, the company wants to expand its market share in the indoor grow facility space in Denver and other locations.
Pervasip Corp (OTCMKTS:PVSP) acquired Canalytix which offers advanced analytics offerings through an integrated cloud-based system that enables customers to monitor and check greenhouse facilities using the cloud system. The various activities included in the system are real-time data on lightning and costs, HVAC systems and energy usage. It is positioning its solutions to fulfill the certain needs of indoor grow space, and the company has associated with a Denver-based distributor of hydroponic tools to integrate and supply the latest technology to existing clients.
Riss further added that Pervasip management believe that there are lucrative opportunities present in the market for the establishment of significant shareholder value by combining ground-breaking novel technologies with prevailing bricks and mortar infrastructure in the hydroponic markets. The objective is to consolidate and expand market share. The company plans to assess a number of transactions in the same regard and will provide more information on right time. In last trading session, stock price of PVSP closed in green at $0.00160.