Pervasip Reports $5.6M Debt Reduction
Apr 06, 2012 (Close-Up Media via COMTEX) --
Pervasip Corp. announced that JDM Group has made the second payment of $100,000 to the Company's secured lenders, which resulted in a debt reduction to the Company of $929,939.
Under the terms of the agreement with JDM, the Company said it has received total debt reductions of approximately $5,600,000 in 2012.
According to a release, 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 the second 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 has reduced the debt that the Company owes to JDM by $929,939, as the Company has already reimbursed JDM for the $100,000 payment.
Pervasip's CEO, Paul Riss, said, "We are pleased to remain on schedule with our debt reduction agreement, as we have received a cancellation of almost half of what we owed to our secured lenders. We believe that the continued reductions in debt along with the updated international mobile VoIP Android app are positioning us for accelerated growth and immediate revenues."
Pervasip Corp. is a provider of mobile VoIP and video telephone services that utilize cloud based technology.
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