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 Chief Executive Officer. "At this point in time, our original lender can no longer foreclose on our assets."