Pervasip Corp. announced its execution and closing of an agreement to acquire 90% of the issued and outstanding equity of Canalytix LLC, an energy and resource solutions provider based in Denver, Colorado.
"We are excited to complete this transaction and leverage our historical technology development experience to gain entry into an exciting and rapidly growing business," said Paul Riss, Pervasip's chief executive officer. "Canalytix is positioning its offering to meet the specific needs of indoor grow facilities, and the company has allied itself with a Denver-based distributer of hydroponic equipment to integrate and provide the Canalytix technology to existing clients."
Canalytix provides advanced analytics through an integrated cloud-based platform that allows users to monitor and control greenhouse facilities through the cloud, including real-time data on energy usage, HVAC systems, lighting and costs.
The Company acquired 90% of the equity of Canalytix in exchange for 25% of the Company's issued and outstanding common stock and Company preferred shares equal to an additional 10% of the Company's issued and outstanding equity. Additional information regarding the Company's acquisition of Canalytix will be provided in a Current Report on Form 8K to be filed later today.