G3 Connect Takes Additional Equity Position in Pervasip Corp. and Buys Back $400,004 in Outstanding Convertible Debentures

WHITE PLAINS, N.Y., Nov. 28, 2011 /PRNewswire/ -- Pervasip Corp. (OTCQB:PVSP) ("Pervasip" or the "Company"), a leading provider of video and voice over Internet Protocol ("VoIP") telephone services and cloud based computing has entered into an agreement with a private investor, G3 Connect, LLC ("G3"), to retire $400,004 worth of outstanding convertible debentures.  G3 purchased these outstanding debentures from a third-party.

Pervasip's Chief Executive Officer, Paul Riss, noted, "G3 is a strong long term equity partner.  G3 has already provided us with $100,000 in working capital and has agreed to continue to inject cash of $50,000 per month for eight additional months, for which we will issue stock to G3 at a price of two cents ($0.02) per share. We are pleased to announce that G3 has increased its interest in Pervasip by purchasing convertible debentures that were previously issued to a third party.  G3 will become our largest shareholder, although it will not own a majority of the outstanding shares."

"We are very excited about Pervasip's video technology and we have agreed not to sell any of our equity holdings for at least one year," said Barry MacCheyne, President of G3. In addition to providing fresh capital to Pervasip, we believe we will be helpful to the Company's growth and development."

In addition to its video phone product, Pervasip recently announced a mobile phone Android app that allows users to make 3G/4G and WiFi calls on their Android device without using the voice plan minutes on their existing smart phone plan.  The mobile VoIP app can be viewed or downloaded at the following website:

https://market.android.com/details?id=net.voxcorp

"G3 plans to help us sell both our video VoIP services and our VoIP apps," continued Riss.  "They are providing us with a seasoned sales team and the cash we need to fund our operations.  It is our intent that such funds will enable the Company to avoid financing alternatives that are more dilutive."

About G3 Connect

G3 Connect was formed to support the need in consumer and business markets for high quality, purpose built video communication. Its videophones are affordable, easy to deploy and easy to use. It provides SMEs the ability to harness the power of video communications with multiple applications and benefits including travel avoidance, enhanced customer service metrics, distance learning, training and telemedicine.  G3 also maintains a strong affinity to the environment and to utilize green technology and help solve the greatest challenge in business: crisp internal and external communication.

About Pervasip

Pervasip delivers wholesale and retail video and voice VoIP telephone services for the residential and small business markets.  Pervasip differentiates itself through a unique combination of high quality voice services, flexible back-office capabilities and automated provisioning systems.  It 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: The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

FOR FURTHER INFORMATION:

AT PERVASIP:
Paul H. Riss
Chief Executive Officer
Ph:  212-404-7633
[email protected]

SOURCE Pervasip Corp.

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