[May 19, 2011] NetCapital Inks Agreement to Buy Out Pervasip's Lender Tweet May 19, 2011 (Close-Up Media via COMTEX) -- Pervasip Corp., a provider of Voice over Internet Protocol (VoIP) telephone services, announced that a strategic investor, NetCapital.com, has signed an agreement with Pervasip's lender to purchase all outstanding debt. NetCapital's Chairman, John Fanning, noted, "We have a track record of success with disruptive technologies, and Pervasip's technology is a true example of how game-changing vision and wisdom can be forged into a paradigm-breaking commercial product. We have been following Pervasip for years, waiting for the right opportunity to partner and invest. Today we have found a time of great value." "We are pleased to have a friendly investor who wants to work with us to build value for our shareholders," said Paul Riss, Pervasip's CEO. "At this point in time, our original lender can no longer foreclose on our assets." Pervasip, which operates in the mobile VoIP arena and recently became a carrier for video VoIP telephone services, received orders last week for more than 300 video VoIP lines and is now the carrier for Bausch & Lomb's video phones. The Company believes it will see significant growth as a service provider for video phones, as it is in contract with a person-to-person marketing company to sell its services. "We are eager to bring additional technologies to Pervasip," added Fanning. "Not all VoIP is created equal, and we have found the VoIP network at Pervasip to be of superior quality and reliability. We therefore plan to combine it with other technologies, such as wireless spectrum, so Pervasip can fully take advantage of the world-wide mobile Internet revolution." Fanning continued, "Microsoft's purchase of Skype is a significant validation of the mobile VoIP space. We believe there is great value in Pervasip and that we can unlock that value for investors." NetCapital is a Boston area private equity firm that fills the gap in the financing market for early and late-stage start-ups in specific sectors. More Information: www.voxcorp.net ((Comments on this story may be sent to [email protected])) [ Back To TMCnet.com's Homepage ]