Pervasip reduces debt

Wholesale VoIP applications provider Pervasip has sold off some of its debt and hopes to extinguish it completely by year end. The company's secured lenders will sell USD 13.9 million worth of debt to JDM Group. In exchange, the lenders will pay USD 1.5 million over a ten-month period. Separately, Pervasip will pay JDM Group 1.7 million over the same period to retire the debt the group acquired from the company's lenders. Pervasip CEO Paul Riss said the agreement will relieve the company of USD 13.9 million of debt for the cost of USD 1.7 million and will enable the company to pay off its remaining debt in required payments. The operation will help position the company for incremental growth as an international service provider for video phones and the rapidly growing VoIP mobile application marketplace, the CEO said.