Pervasip Announces Successful Completion of Pcaob Audit

Rhea-AI Summary

Pervasip Corp. successfully completes a comprehensive financial audit for fiscal years ending November 30, 2022 and 2021, reaffirming commitment to financial integrity and transparency. Key findings include full compliance with GAAP, accurate financial reporting, and strong internal controls. The company plans to restructure some subsidiaries to improve balance sheet health in preparation for the spin out of cannabis assets to its shareholders.

SEATTLE, WA, Jan. 26, 2024 (GLOBE NEWSWIRE) -- Pervasip Corp. (OTCPK: PVSP) (“Pervasip” or the “Company”), a developer of companies and technologies in high value emerging markets, is pleased to announce the successful completion of a comprehensive financial audit for fiscal years ending November 30, 2022 and 2021. This audit was conducted by Frucci & Associates II, PLLC (“Frucci”), an independent registered public accounting firm.

The successful conclusion of the audit reaffirms Pervasip's commitment to maintaining the highest standards of financial integrity and responsibility. Final audited financials with attached opinion letter will be uploaded to OTC at the end of next week. Frucci has begun the audit of fiscal 2023 and we expect to move forward toward the completion of that audit. 

"We are proud to report that Frucci has completed the audit of our financials, released their preliminary audit opinion and continues to audit our fiscal 2023 year," said George Jordan, CFO/COO. "This achievement is a testament to our robust financial policies and our dedicated team's commitment to excellence, and it gives us the starting point we need to move forward with a registration statement and to become fully-reporting."

Key findings from the audit include:

• Full compliance with Generally Accepted Accounting Principles (GAAP).
• Accurate and transparent financial reporting.
• Strong internal controls and risk management processes.

Pervasip is dedicated to upholding the highest levels of financial transparency and accountability. The successful completion of this audit is a crucial element in its ongoing efforts to build trust with shareholders, customers, and partners. While it has taken longer than anticipated, the work included multiple years and over a dozen subsidiaries.

Based on the audited financials and applied to 2023, the Company has initiated voluntary restructuring of some of its subsidiaries to improve balance sheet health in preparation for the spin out of cannabis assets to its shareholders. More detail will be provided in the coming days.

"We believe that rigorous financial oversight is not just a regulatory requirement, but a cornerstone of our business ethics and corporate governance," added German Burtscher, CEO Pervasip Corp. “The audit provides us with a comprehensive set of financials and allows us to now move forward with the last step of our previously announced restructuring plans in anticipation of spinning out our cannabis unit into a separate fully-reporting public company as announced last year.”

Pervasip Corporation
Pervasip Corp., a developer of companies and technologies in high value emerging markets, owns Artizen Corporation and its subsidiary, Zen Asset Management LLC, a diversified asset management company founded to acquire, develop, and support companies and technologies in the cannabis industry. ZAM’s existing clients operate four licensed cannabis cultivation and one processing facility in Washington. Most of the biomass produced by these independent cultivators has been sold historically under the Artizen™ brand, including all-time top selling products in flower in Washington state. Additional information on Artizen-branded products is available online at www.artizencannabis.com.

Forward-Looking Statements
This news release contains statements and information that, to the extent that they are not historical fact, may constitute “forward-looking information” within the meaning of applicable securities legislation. Forward-looking information may include financial and other projections, as well as statements regarding future plans, objectives, or economic performance, or the assumption underlying any of the foregoing. In some cases, forward-looking statements can be identified by terms such as may, would, could, will, likely, except, anticipate, believe, intend, plan, forecast, project, estimate, outlook, or the negative thereof or other similar expressions concerning matters that are not historical facts. Examples of such statements include, but are not limited to, statements with respect to the objectives and business plans of the Company; ability to realize benefits from its recent corporate appointments; ability to retain its key personnel; the intention to grow the Company’s business and operations; the competitive conditions of the industries in which the Company operates; and laws and any amendments thereto applicable to the Company. Forward-looking information is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. The material factors and assumptions used to develop the forward-looking information contained in this news release include, but are not limited to, key personnel and qualified employees continuing their involvement with the Company; and the Company’s ability to secure financing on reasonable terms. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, including, without limitation, risks relating to the future business plans of the Company; risks that the Company will not be able to retain its key personnel; risks that the Company will not be able to secure financing on reasonable terms or at all, as well as all of the other risks as described in the Company’s periodic disclosure statements. Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking information speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company’s management to predict all of such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The Company does not undertake any obligation to update any forward-looking information to reflect information or events after the date on which it is made or to reflect the occurrence of unanticipated events, except as required by law, including securities laws.

For further information, please contact:

Investor Relations: PACIFIC CAPITAL MARKETS LLC
Investor Contact(s): Drew S. Phillips & Colin Gibson
Contact phone: 858.308.5835 pacificcapitalmarketsllc@gmail.com

FAQ

What is the ticker symbol for Pervasip Corp.?

The ticker symbol for Pervasip Corp. is PVSP.

What were the key findings from the financial audit?

The key findings from the financial audit include full compliance with GAAP, accurate financial reporting, and strong internal controls.

What is the plan for restructuring some subsidiaries?

The company plans to restructure some subsidiaries to improve balance sheet health in preparation for the spin out of cannabis assets to its shareholders.

What does Pervasip Corp. own?

Pervasip Corp. owns Artizen Corporation and its subsidiary, Zen Asset Management LLC, a diversified asset management company founded to acquire, develop, and support companies and technologies in the cannabis industry.