MAUDLIN, SC / ACCESSWIRE / April 12, 2023 / Xcelerate, Inc. (OTCQB:XCRT) announced today that it had completed its' due diligence and has entered into a binding agreement to acquire a controlling interest in ESN Group, Inc. and its' portfolio of health care and skin care products. The agreement calls for payment of $350,000 cash, the issuance of restricted Xcelerate stock, assumption of debt and employment agreements for key staff. The acquisition is expected to close no later than June 30, 2023.
"This transaction is another significant milestone in our value creation plan. On closing, Xcelerate will realize an immediate, ongoing revenue stream and, together with the management team from ESN and other significant partners, we will initiate a program to expand our product offering to mass merchant outlets and government agencies who have already expressed interest. The acquisition will also provide Xcelerate with the industry connections and management talent to further our previously announced goal of developing additional over-the-counter healthcare products based on our existing patent portfolio" said Mike O'Shea, Xcelerate CEO.
ABOUT ESN GROUP, INC.
ESN Group, Inc. and its' shareholders currently operate two well established businesses in this market group; Ceramedx (www.ceramedx.com) and Earth Science Beauty (www.earthsciencebeauty.com).
ABOUT XCELERATE INC.
In May 2020, Xcelerate commenced implementation of a new business plan that encompasses two separate but related businesses within the medical industry, including (i) owning and licensing the rights to various forms of medical equipment and portfolio of patents, patents pending and technology licenses and (ii) development of virtual health technology to assist patients in developing countries obtain medical care by extending the reach of physicians through the use of that technology. For more information visit www.xcelerate.global or contact us at 854-900-2020 or email [email protected].
SAFE HARBOR
This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and actual results may differ materially from those projected in forward-looking statements resulting from various factors.
SOURCE: Xcelerate, Inc.