PERVASIP CORP NEW - PVSP STOCK NEWS

Pervasip Corp. (OTCPK: PVSP) announced key developments in a letter from CEO German Burtscher to shareholders. Despite market challenges, its Artizen subsidiary streamlined operations, cut costs, and expanded its brand. A spin-out planned for Artizen will allow it to trade independently on OTCQB, with a total of 100 million shares issued, benefiting both common and preferred shareholders. Following the spin-out, Pervasip aims to refocus on technology acquisitions to combat water scarcity issues, potentially tapping into the $1.6 trillion global water market. The restructuring will enhance shareholder value and eliminate existing dilution sources.

Pervasip Corp. (OTCPK: PVSP) reported 2022 revenues of $15.8 million, primarily from Artizen Corporation. Key financial highlights include:

• Gross profit: $3.5 million.
• Cultivation yields: Increased by 31%.
• Wholesale sales: Grew by 65.1%, but retail sales declined by 7.3% due to market price pressures.

Management forecasts a gross margin increase to over 40% in 2023 as retail sales shift. The company also secured a $1.5 million non-dilutive credit facility to enhance working capital.

Pervasip Corp. (OTCPK: PVSP) plans to spin off 100% of its subsidiary, Artizen Corporation, as a public company, with a record date expected between July 1 and September 30, 2023. Shareholders will receive shares of Artizen based on their ownership in Pervasip. This move aims to enhance capital structure and expand growth opportunities in the cannabis market. Artizen operates through Zen Asset Management LLC, conducting cannabis business. The spin-off allows Pervasip to pursue acquisitions and capitalize on market potentials while improving its long-term equity financing capabilities.

Pervasip Corp. (OTCPK: PVSP) announced significant achievements in 2022 despite challenges in the cannabis market. Key highlights include: a 20% reduction in production costs, expansion of the Artizen brand, developing strategic relationships for asset acquisition, and plans for future growth as a multi-state operator. The company aims to eliminate historical debt dilution and avoid stock pressure through upcoming structural changes. Pervasip emphasizes the potential for increased revenue from retail integration, projecting revenues could reach $46 to $52 million under favorable regulatory conditions.

Pervasip Corp. (OTCPK: PVSP) reported improved Q3 2022 financial results, reflecting a revenue increase to $4.34 million from $3.68 million in Q2 2022. The company focused on strategic acquisitions and transitioning to higher-margin products, leading to a gross profit of $1.39 million. However, Q3 revenue was down 6% compared to the previous year due to post-pandemic market challenges. Significant tax adjustments from prior years impacted financial results. The cannabis market continues to face challenges, although early results indicate positive margin trends.

Pervasip Corp. (OTC: PVSP) has signed a letter of intent to acquire the assets of BCCTG LLC, which includes popular brands like Emerald City Cultivation and Dabco. This acquisition is expected to enhance Pervasip's product offerings and infrastructure, generating $4 million in annual revenues. The deal will involve a cash transaction and the issuance of 10.2% equity in Pervasip to BCCTG stakeholders. CEO German Burtscher emphasized that this move aligns with their strategic goals and aims to expand into new markets while bolstering existing operations.

Pervasip Corp. (OTC: PVSP) announced record sales of $1.6 million for August, marking its best sales month to date. CEO German Burtscher highlighted improvements in cash flow and restructuring efforts leading to better key financial performance indicators as the third quarter concludes. The company is focused on prioritizing margins over revenue and plans to introduce new product lines and acquisitions to enhance growth opportunities in the recreational cannabis market. This strategic shift aims to create a balanced revenue ratio across product categories.

Pervasip Corp. (OTC: PVSP) announces a strategic roadmap aimed at financial growth through 2023. Following a reverse merger with Artizen Corporation, Pervasip plans restructuring to dispose of undervalued assets and refocus on higher-margin products. The company anticipates reaching $30 million in annualized revenue by Q4 2024, with a 40% gross margin. Pervasip will rename itself Artizen Corporation and expand its brand presence across the U.S. cannabis market, targeting a significant share in flower, concentrates, and edibles.

Pervasip Corp. (OTC: PVSP) announced notable restructuring efforts alongside Zen Asset Management, aimed at enhancing operational efficiency and reducing costs. Recent changes are projected to contribute an additional $500,000 to the company's annual bottom line. Artizen Group, a cultivator supported by Zen, has initiated its first supply contract with renowned cannabis brand CloutKing, marking a significant milestone. Despite ongoing challenges in the West Coast cannabis market, the company aims to leverage strong management and distribution channels for future growth.