SOURCE: Pervasip Corp.

March 17, 2008 10:23 ET

Pervasip Reports Fourth Quarter and Full Year 2007 Financial Results

WHITE PLAINS, NY--(Marketwire - March 17, 2008) - Pervasip Corp. (OTCBB: PVSP)

Summary of Recent Accomplishments:

--  Annual revenues up 349% compared to prior year
--  Fourth quarter revenues up 175% compared to prior year
--  Fourth quarter revenues up 20% over third quarter
--  Sale of wireline business generated significant gain
    

Pervasip Corp., an IP-based communications service provider, today announced the results of its operations for the fourth quarter and year ended November 30, 2007.

Pervasip's CEO, Paul Riss, noted, "We are pleased with our fourth quarter and annual growth in fiscal 2007, but we anticipate that this growth will be dwarfed by our future growth. Our revenues in February 2008 were more than double our December 2007 revenues, and based upon results through today, we anticipate our March 2008 revenues will be approximately 90% of the revenues of the entire fourth quarter of fiscal 2007. Demand for our service is high and we have significant amounts of unused capacity in our network to fill that demand. We believe we are well on our way to a record-setting year in fiscal 2008. We issued financial guidance for fiscal 2008 on November 27, 2007, and although we will fall approximately ten percent short of our projected revenue for the first quarter of fiscal 2008, our sales activity in February and March of 2008 gives us confidence that the full year guidance is still appropriate."

Pervasip reported revenues of $999,118 for the year ended November 30, 2007, an increase of $776,381, or 349%, over revenues of $222,737 for the year ended November 30, 2006. For the three-month period ended November 30, 2007, revenues increased by $205,067, or 175%, to $322,123, as compared to $117,056 in revenues for the three-month period ended November 30, 2006. Fourth quarter fiscal 2007 revenues of $322,123 exceeded third quarter fiscal 2007 revenues of $268,480 by $56,633, an increase of 20%.

Pervasip reported a net loss for fiscal 2007 of ($2,992,566), or ($0.13) per share, as compared to a net loss of ($2,345,055), or ($0.14) per share, for fiscal 2006. For the year ended November 30, 2007, Pervasip reported a gain from discontinued operations of $1,025,694, or $0.04 a share, and a loss from continuing operations of ($4,018,260), or ($0.17) per share, as compared to a gain from discontinued operations of $373,362, or $0.02 per share, and a loss from continuing operations of ($2,718,417), or ($0.16) per share, for the year ended November 30, 2006.

For additional disclosure regarding Pervasip's operating results, refer to Pervasip's Annual Report on Form 10-KSB, which has been filed with the Securities and Exchange Commission.

About Pervasip

Pervasip Corp. provides an integrated suite of IP-based communications services and offers wholesale broadband voice, origination and termination services, as well as enhanced digital telephone service to the small business and residential marketplace. For more information, visit www.voxcorp.net and www.pervasip.com.

This release contains forward-looking statements that involve risks and uncertainties. Pervasip's actual results may differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include, among others, certain risks and uncertainties over which the company may have no control. For further discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see the discussions contained in Pervasip's Annual Report on Form 10-KSB for the year ended November 30, 2007 and any subsequent SEC filings.

Contact Information

  • For more information, please contact:

    Paul H Riss
    Chief Executive Officer
    Pervasip Corp.
    914-682-0214
    Email Contact