Pervasip Announces Fourth Round of Cancellation of Warrants

WHITE PLAINS, N.Y.--(BUSINESS WIRE)-- Pervasip Corp. (OTCBB: PVSP), a provider of cloud-based communications solutions, applications and services, today announced that for the fourth time, its lender has cancelled warrants to purchase 2.5 million shares of Pervasip common stock. The lender has agreed to cancel warrants to purchase 2.5 million shares of Pervasip common stock for each $50,000 of equity injected by an investor group, until all warrants are canceled upon the receipt of $300,000 in total. As of today, warrants to purchase 10 million shares of Pervasip common stock have been cancelled in total, and warrants to purchase 5.9 million shares remain outstanding.

All outstanding warrants held by Pervasip’s lender can be cancelled in accordance with the terms of the warrant cancellation agreement signed by Pervasip and its lender on February 11, 2010. Management intends to utilize the provisions of this agreement to cancel the remaining warrants held by its lender.

About Pervasip

Pervasip Corp. delivers wholesale voice over IP (VoIP) telephone services for the residential and small business markets through its wholly owned subsidiary, VoX Communications. Leveraging a nationwide VoIP network and internally developed proprietary software and product features, VoX differentiates itself through a unique combination of high quality voice services, flexible back-office capabilities and automated provisioning systems. VoX recently entered the mobile VoIP services and applications arena, which is expected to approach 300 million users by 2013. It offers a feature-rich, low-cost, high-quality alternative to traditional phone services. For more information, please visit www.voxcorp.net.

Forward-looking statements: This release contains forward-looking statements that involve risks and uncertainties. Pervasip’s actual results may differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include, among others, certain risks and uncertainties over which the company may have no control. For further discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see the discussions contained in Pervasip’s Annual Report on Form 10-K for the year ended November 30, 2009 and any subsequent SEC filings.

CONTACT:

Pervasip:
Paul H. Riss, 212-404-7633
Chief Executive Officer
phriss@pervasip.com

KEYWORDS:   United States  North America  New York

INDUSTRY KEYWORDS:   Technology  Consumer Electronics  Internet  Networks  Software  Audio/Video  Telecommunications  Mobile/Wireless  VoIP

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