SEATTLE, WASHINGTON, Oct. 10, 2022 (GLOBE NEWSWIRE) -- Pervasip Corp. (OTC: PVSP) (“Pervasip” or the “Company”), a developer of companies and technologies in high value emerging markets, together with Zen Asset Management LLC (“ZAM”) today announced the execution of a letter of intent (“LOI”) to acquire substantially all of the assets of BCCTG LLC (“BCCTG”).
BCCTG, owner of various brands, including Emerald City Cultivation, Emerald City Cured, Dabco, Dabs4Less and Vapes4less has agreed to terms to be acquired by ZAM, combining its brands and concentrate offerings with ZAM’s Artizen brands to form a powerful portfolio of brands, covering flower, pre-roll, dabbable concentrates and vape products.
BCCTG’s brands, which generate $4 million in annualized revenues, manufactured in a state-of-the-art laboratory. 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.
According to the terms of the LOI, Zen will acquire the assets of BCCTG for cash, paid from contributed revenues with a monthly upper limit and cash neutral on current pre-transaction financials. In addition, 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.
“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.”
Emerald City Cultivation and Dabco are brands known for high quality concentrates product (dab and vape) and with over 40,000 followers have established a well-deserved fanbase. (IG: https://www.instagram.com/dabco/, https://www.instagram.com/emeraldcitycultivation/, https://www.instagram.com/dabs4less/).
“Combining forces with Artizen and offering a complete and potent product lineup to Washington retailers has been a vision of mine for some time now,” said Brian Martin, Founder and President of BCCTG and Emerald City Cultivation. “Being able to do this, take care of our investors who have been with us from the beginning of this venture, and join the Artizen team is a wonderful opportunity. Artizen is one of the original Washington State cannabis brands and our combined lineup will allow retailers to offer a variety of products across multiple price points, all from a single trusted partner. Combining our assets and experience will also allow us to enter markets outside of Washington and take our vision and duplicate it in other markets. Look out for more announcements regarding new products over the next few weeks and months.”
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. Pervasip beneficially owns 10 million shares of common stock of KRTL Holding Group Inc., a developer of biotechnologies with a focus on pharmaceutical applications of cannabinol and psilocybin. Additional information on KRTL is available online at www.krtlbiotech.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:
T: 206-590-2408
E: info@pervasip.net
