Pervasip Corp. (OTCMKTS:PVSP) and Zen Asset Management Sign LOI for Strategic Acquisition of BCCTG LLC
Pervasip Corp. (OTCMKTS:PVSP) along with Zen Asset Management LLC (ZAM), has announced on October 10,2022, about executing a Letter of Intent (LOI), to acquire substantially all of the assets of BCCTG LLC, which owns multiple brands including Emerald City Cultivation, Emerald City Cured, Dabco, Dabs4Less and Vapes4less.
Trading Data
On Monday, PVSP stock ended flat at $0.0016 with 17.04 million shares, compared to volume of 16.09 million shares. The stock moved within a range of $0.0014 – 0.0016 after opening trade at $0.0016.
Pervasip Announces Strategic Acquistion and $4 Million in New Revenues
BCCTG has agreed to terms to be acquired by ZAM, combining its brands and concentrate offerings with ZAM’s Artizen brands to form a strong portfolio of brands that covers flower, pre-roll, dabbable concentrates and vape products. The terms include acquisition of all BCCTG assets, including its brands, access to a Tier 2 producer/processor license and a turnkey laboratory which will be used to also manufacture new products under the Artizen brand. Did you know that BCCTG’s brands generate $4 million in annualized revenues? All products are manufactured in a state-of-the-art laboratory, in order to maintain premium quality.
As per the terms of the LOI, ZAM is set to acquire the assets of BCCTG for cash, paid from contributed revenues with a monthly upper limit and cash neutral on current pre-transaction financials. On the other hand, Pervasip will provide a group of BCCTG owners, investors and employees 10.2% of Pervasip’s fully diluted equity in the form of restricted preferred stock.
German Burtscher, Pervasip’s CEO, is thrilled to accomplish a couple of their strategic objectives for the year 2022. He stated that the acquisition will not only add revenue upon final closing of the deal, but it will also include infrastructure, expertise and a handful of well-regarded brands to their brand line-up.
Key Quote
“As outlined in our 24-months roadmap, which we published on September 6, 2022, this acquisition checks 2 of our boxes on the list of strategic objectives to be accomplished by year’s end 2022,” said German Burtscher, Pervasip’s CEO. “Not only will it immediately add revenue upon final closing of the deal, but it will also add infrastructure, expertise and a handful of well-regarded brands to our brand lineup. Brian Martin and his team at Emerald City Cultivation and Dabco have done incredible work and built a strong and highly respected company. We are excited to add the BCCTG team to our Washington operation and fill critical open positions with market leading expertise. Final terms will be released upon closing, projected for the end of November 2022.”
Traders Corner
PVSP stock is trading above the 20-Day and 50-Day Moving averages of $0.0014 and $0.0015 respectively. However, the stock is trading below the 200-Day moving average of $0.0021.
