Pervasip Announces Successful Completion of Pcaob Audit

SEATTLE, WA, Jan. 26, 2024 (GLOBE NEWSWIRE) -- Pervasip Corp. (OTCPK: PVSP) (“Pervasip” or the “Company”), a developer of companies and technologies in high value emerging markets, is pleased to announce the successful completion of a comprehensive financial audit for fiscal years ending November 30, 2022 and 2021. This audit was conducted by Frucci & Associates II, PLLC (“Frucci”), an independent registered public accounting firm.

The successful conclusion of the audit reaffirms Pervasip's commitment to maintaining the highest standards of financial integrity and responsibility. Final audited financials with attached opinion letter will be uploaded to OTC at the end of next week. Frucci has begun the audit of fiscal 2023 and we expect to move forward toward the completion of that audit. 

"We are proud to report that Frucci has completed the audit of our financials, released their preliminary audit opinion and continues to audit our fiscal 2023 year," said George Jordan, CFO/COO. "This achievement is a testament to our robust financial policies and our dedicated team's commitment to excellence, and it gives us the starting point we need to move forward with a registration statement and to become fully-reporting."

Key findings from the audit include:

• Full compliance with Generally Accepted Accounting Principles (GAAP).
• Accurate and transparent financial reporting.
• Strong internal controls and risk management processes.

Pervasip is dedicated to upholding the highest levels of financial transparency and accountability. The successful completion of this audit is a crucial element in its ongoing efforts to build trust with shareholders, customers, and partners. While it has taken longer than anticipated, the work included multiple years and over a dozen subsidiaries.

Based on the audited financials and applied to 2023, the Company has initiated voluntary restructuring of some of its subsidiaries to improve balance sheet health in preparation for the spin out of cannabis assets to its shareholders. More detail will be provided in the coming days.

"We believe that rigorous financial oversight is not just a regulatory requirement, but a cornerstone of our business ethics and corporate governance," added German Burtscher, CEO Pervasip Corp. “The audit provides us with a comprehensive set of financials and allows us to now move forward with the last step of our previously announced restructuring plans in anticipation of spinning out our cannabis unit into a separate fully-reporting public company as announced last year.”