announced that NetCapital.com
has completed a conversion of debt into common stock. NetCapital converted $148,522 of debt into 594,088 shares of common stock, a conversion rate of $.25 per share.
Pervasip's Chief Executive Officer, Paul Riss, noted, "We signed a securities settlement agreement with NetCapital, which allowed them to convert some of the debt they purchased, in a previous transaction, from our principal lender. We view this settlement agreement as a favorable indicator of the direction we are pursuing with NetCapital."
NetCapital has a signed agreement with Pervasip's principal lender to purchase all of its outstanding debt.