Pervasip Corp (OTCMKTS:PVSP) is a little know sub penny stock that traded as low as $0.00 bid in December that has transformed in recent months to become one of the top 15 most traded stocks on the entire OTCBB and PinkSheets combined.
Regularly trading hundreds of millions of shares a day, PVSP has very quickly managed to attain a massive following of investors who support and accumulate the stock every day. PVSP has absolutely exploded on social media and twitter and is a force to be reckoned with on IHUB with thousands of postings every day.
Currently moving up steadily in sub penny land the run is marked by huge demand with 10 and 20 million share bids regularly showing up on L2 and excellent support as the stock moves higher.
Pervasip Corp (OTCMKTS:PVSP) develops and delivers cloud-based technologies to emerging markets. The Company entered the red hot mj sector recently when they announced the acquisition of 90% of the issued and outstanding equity of Canalytix LLC.
Canalytix provides advanced analytics for indoor agriculture. Its integrated cloud-based platform allows users to monitor and control greenhouse facilities or any large indoor growing operation through the cloud, including real-time data of energy usage, HVAC systems, lighting and costs. “We are excited to leverage our historical technology development experience to gain entry into an exciting and rapidly growing business,” said Paul Riss, Pervasip’s chief executive officer. “We intend to close the transaction later this month and will provide additional information as appropriate.
Canalytix holds exclusive distribution rights to technology developed by Noveda Technologies, Inc., in hydroponic and other indoor plant growth applications. Noveda is an innovative leader in real-time, web-based energy and water monitoring. Noveda’s patented software as a service (SaaS) solutions help reduce energy and water usage, optimize performance of renewable energy systems, and reduce the carbon footprint for customers across commercial/retail, industrial, government, education, and utility sectors.
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PVSP just announced the completion of this deal which gives them a 90% equity stake of Canalytix in exchange for 25% of the Company’s issued and outstanding common stock and Company preferred shares equal to an additional 10% of the Company’s issued and outstanding equity.
CEO Paul Riss said ”We are excited to complete this transaction and leverage our historical technology development experience to gain entry into an exciting and rapidly growing business. Canalytix is positioning its offering to meet the specific needs of indoor grow facilities, and the company has allied itself with a Denver-based distributer of hydroponic equipment to integrate and provide the Canalytix technology to existing clients.”
Up until the recent explosion in price and volume PVSP had wallowed away in triple zero land as debt conversions ruled due to the heavy debt load of $10.7 million the Company carried on their books according to the 10Q from November 4.
Clearly this has been a focus point for management; in January they announced they executed agreements to eliminate an additional $1.4 million in debt. The new agreements bring the Company’s balance sheet improvement to more than $3.3 million when taken with the Company’s previously announced $1.9 million debt settlement with the Pension Benefit Guarantee Corporation.
CEO Paul Riss said “We are pleased to have the support of our creditors as we implement our restructuring and acquisition plans. We still intend to eliminate additional debt but the completed transactions have paved the way for us to meet the balance sheet requirements of our targeted acquisitions, which we now hope to complete this quarter.”
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Currently exploding out of sub penny land on massive volume PVSP does still carry several million in debt on the books and has suffered heavy dilution in the past. But this is an exciting story developing in small caps; the Company just entered the red hot mj space and has been successful like no other stock in developing a massive and loyal shareholder base that swears this one goes higher. We will be updating on PVSP when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with PVSP.
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Disclosure: we hold no position in PVSP either long or short and we have not been compensated for this article.