Welcome to our dedicated page for XCELERATE news (Ticker: XCRT), a resource for investors and traders seeking the latest updates and insights on XCELERATE stock.
XCELERATE INC (XCRT) is a healthcare services and products company that focuses on integrating innovative technologies into the medical field. Established with a mission to revolutionize clinical care through the application of advanced engineering and intellectual property, Xcelerate operates in three main business areas:
- Medical Technology and Virtual Health Services: Xcelerate is dedicated to extending the reach of physicians through AI and virtual health technology, especially targeting patients in developing countries.
- Consumer Health and Beauty Products: The company formulates, packages, and markets clinically tested health and beauty products, including the Ceramedx® line, which features plant-based ceramide therapy for dry and sensitive skin.
- Owning and Licensing Medical Equipment: Xcelerate holds and licenses various forms of medical equipment and a portfolio of patents and technology licenses.
Notable achievements include the recent publication of two utility patent applications by the United States Patent and Trademark Office, and the company's selection as an approved vendor for the Army & Air Force Exchange Service. Xcelerate is also actively involved in enhancing investor relations with the help of Darrow Associates and has partnered with Craft Capital Management to facilitate capital raising and advisory services.
With its headquarters in Mauldin, SC, Xcelerate is poised for significant growth and continues to develop its diverse range of healthcare solutions to improve global medical care.
Xcelerate (OTCQB:XCRT) has secured non-dilutive business funding to support the growth plans of its subsidiary, ESN Group. The funding package includes a working capital line for launching new products in the Ceramedx brand and a Line of Credit to support ongoing marketing programs. The financing is aimed at managing cash flow and supporting ESN Group's expansion in the health and wellness market, which is part of Xcelerate's three-pillar business foundation.
Xcelerate (OTCQB:XCRT) announced that its subsidiary ESN Group is launching a Ceramedx Brand TikTok Skincare Campaign for November-December 2024. The campaign aligns with an enhanced social media/digital marketing initiative to expand brand awareness. The company highlights its focus on natural plant-based ceramide technology and seaweed ingredients, addressing consumer demand for healthy skin barrier maintenance products. A recent Ceramedx promotion at the Army & Air Force Exchange resulted in doubled business growth during a one-week window, leading to plans for a month-long pre-Holiday promotion in December.
Xcelerate, Inc. (OTCQB:XCRT) CEO Mike O'Shea released a shareholder update highlighting challenges and progress in 2024. Key points include:
1. SEC's ban on their former auditor BF Borgers CPA PC necessitated a re-audit of financial statements.
2. New auditors, Bush and Associates CPA , completed the re-audit with no material deviations.
3. An amended registration statement was filed on July 30, 2024.
4. The company received new SEC comments on August 22, 2024, requiring additional third-party reports.
5. Semi-Annual Report highlights:
- Revenue of $1,577,720 from ESN Group operations in H1 2024
- Total assets increased to $1,829,980 as of June 30, 2024
- Related party loans increased to $1,706,110
- No derivative securities issued or outstanding
Xcelerate, Inc. (OTCQB: XCRT) has announced the start of the nationalization process for two PCT international patent applications. These patents introduce a revolutionary 'first-person view' to surgical procedures by integrating cameras into surgical tools. This innovation aims to enhance surgical precision, speed, and reduce incision size.
The technology also incorporates surgical site illumination and targeting marker projection. CEO Mike O'Shea emphasized the company's dual focus on uplisting to Nasdaq and nationalizing their medical device patents. Xcelerate plans to utilize the European Unitary Patent Application Process, covering 17 EU member states, including Germany, France, and Italy. Additional markets targeted include China, Ireland, Japan, and Mexico.
Xcelerate, Inc. (OTCQB:XCRT) CEO Mike O'Shea released a shareholder update on August 13, 2024. The company faced a setback when the SEC charged their independent auditors, BF Borgers CPA PC, with misconduct and banned them from practicing. This required Xcelerate to reaudit their financial statements. In response, they retained Bush and Associates CPA as new auditors, who completed the reaudit for 2022-2023 and audited ESN Group's financials for 2021-2022. On July 30, 2024, Xcelerate filed an amended registration statement on Form S-1/A with the SEC. The company now plans to pursue its NASDAQ listing application and work with Craft Capital Management as their new underwriter to raise capital for their business plan.
Xcelerate announced on June 6, 2024, that it has retained Craft Capital Management to provide investment banking and up-listing advisory services.
Craft Capital will help Xcelerate facilitate a capital raise and offer various advisory services. The partnership aims to enhance Xcelerate's ability to execute its corporate vision and enable future growth. Craft Capital, based in New York, specializes in retail and institutional brokerage, investment advisory services, private offerings, and national exchange up-listings.
CEO Mike O'Shea expressed optimism about the partnership, emphasizing the strategic alignment between Xcelerate and Craft Capital.
Xcelerate announced that it identified errors in an independent research report by Harbinger Research. CEO Mike O'Shea stated that the report contained inaccuracies about future revenues and potential profitability. The company has contacted Harbinger Research to correct the misleading information, and a retraction is expected soon. Investors and stakeholders are advised to stay informed through Xcelerate's website.
Xcelerate, Inc. announced a change in auditors from BF Borgers CPA to Bush & Associates CPA due to the former's SEC fraud allegations. The company is confident in the new audit firm's capabilities and expects no material changes in financial statements.
Xcelerate, Inc. announced the filing of its 2023 Annual Report, reporting audited financial results for the year. The company achieved its first revenue year in history, marking significant milestones and progress towards growth. Revenues from the majority interest in ESN Group are set to increase in 2024 due to new contracts.
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