SEATTLE, June 29, 2023 (GLOBE NEWSWIRE) -- Pervasip Corp. (OTCPK: PVSP) (“Pervasip” or the “Company”), a developer of companies and technologies in high value emerging markets, such as Artizen Corporation, a wholly owned subsidiary, today announced that it is setting up Artizen Nano in Los Angeles, CA for expansion into the California cannabis market and to that extent has signed a Letter of Intent with MTN Group to enter into Definitive Agreements by end of July 2023.
Continuing its previously announced targeted expansion plans, Artizen Nano will manufacture and distribute its Slurped nano beverages in the Los Angeles market as the second step of Artizen’s Westcoast expansion. This is done in partnership with MTN Group, with whom the Company has also signed a Letter of Intent to distribute the Slurped product line to its network of retailers. The Slurped brand is developing various additional collaborations with other brands.
“In April we announced our entry into the Oregon recreational cannabis market and now we are completing our Westcoast expansion with our entry into California.” said German Burtscher, President and CEO of Pervasip Corp. “Our partnership with MTN Group will provide us with manufacturing capabilities in Los Angeles and access to retailers through its well-established distribution channels. We are excited to take Slurped to market and begin to collaborate with other brands. The nano drink market is one of the fastest growing segments in our industry and Slurped is a unique product that has matured over the past year and is ready for growth and entrance into the world’s most exciting cannabis market.”
Additionally, after careful evaluation and consideration of the evolving market dynamics and strategic priorities prior to the completion of its spin out of Artizen Corporation to Pervasip shareholders, the Company is announcing the termination of a previously proposed acquisition and a separate partnership. The terminated acquisition of BCCTG LLC and its brands and the termination of the partnership with KRTL Biotech for creation of its Korean Center of Excellence and Artizen Wellness line are part of the Company’s re-alignment efforts. Artizen’s focus will center on high THC premium cannabis products, with a targeted regional focus on the US Westcoast and Northeast markets. In reaching these decisions, Pervasip’s management team conducted a comprehensive analysis of various factors, including market conditions, financial projections, integration challenges, and overall strategic alignment. While the initial intent behind these transactions was to enhance the Company's competitive position, it has become evident that alternative strategies and opportunities can better address the evolving needs of the Company and its consumers. "We continuously evaluate our growth strategies to ensure they are aligned with our long-term vision and provide optimal value for our shareholders”, said Burtscher. “After careful consideration, we have concluded that terminating the previously proposed acquisition and partnership is the most prudent course of action. This decision allows us to focus our resources and efforts on initiatives that better align with our current strategic priorities. Pervasip remains committed to driving innovation, delivering exceptional products and services, and maximizing shareholder value. The Company will continue to explore new opportunities, partnerships, and strategic alliances like the one we are announcing today, that can propel its growth and reinforce its position as a leader in the recreational cannabis market. “
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. Additional information on Pervasip can be found at www.pervasip.net
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
