Pervasip Signs Letter of Intent to Acquire Infiniti Systems Group

Pervasip Corp., a provider of wholesale Voice over Internet Protocol (VoIP) and smartphone applications, has signed a letter of intent to acquire Infiniti Systems Group, an information technology services firm.

Infiniti focuses on providing businesses with information security, managed services, custom software applications and IT staffing.

"Infiniti has been providing IT solutions to corporate clients since 1994 and boasts a 90% client retention rate. We are very excited about Infiniti's services and customer base and we anticipate that it’s seasoned and talented sales and IT personnel can increase our revenues and write commercial mobile applications”, said Paul Riss, chief executive officer, Pervasip, in a statement.

“Infiniti has already been working with us and has introduced our VoIP services to its largest customer”, said Riss.

He said that Infiniti is profitable, generates positive cash flow and has annual revenues in excess of $3 million.

"Pervasip is well positioned to capitalize on the mobile Internet revolution and I am eager to become part of the Pervasip organization," said John Bianco, president of Infiniti.

"The mobile VoIP apps developed by Pervasip are extraordinary and I believe the company has a significant advantage over many of its competitors. By combining our resources, I believe both companies will benefit," said Bianco.

Officials with Pervasip said that the letter of intent signed by the company and Infiniti contain both binding and non-binding provisions.

Company officials said that the parties are working to complete a definitive purchase agreement, and the closing is subject to various conditions, including the completion of an audit by an independent registered public accounting firm.

Back in May Pervasip Corp. had announced that its subsidiary VoX Communications has completed development of a downloadable mobile VoIP application for use on Symbian (News - Alert) mobile phones.