Xcelerate Acquires Controlling Interest in AfiyaSasa Africa

Rhea-AI Summary

Xcelerate, Inc. (OTC pink sheets: XCRT) announced on January 3, 2022, that it has acquired a 51% stake in AfiyaSasa Africa, LLC, a medical technology and virtual health company. This acquisition aims to enhance healthcare access in developing regions by utilizing AI and Augmented Reality to connect patients with physicians remotely. The ASA system facilitates initial check-ins and triage through mobile devices, utilizing medical devices linked to phones for effective telemedicine. This partnership with ASA, co-founded by Dr. Dilan Ellegala, is expected to improve healthcare delivery for millions in Africa.

Positive

• Acquisition of a 51% interest in AfiyaSasa Africa, enhancing healthcare access in Africa.
• Integration of AI and AR technologies allows for advanced telemedicine solutions.
• Potential to dramatically improve healthcare delivery for millions in developing regions.

Negative

• Involvement in an early-stage medical technology company may pose financial risks.
• Acquisition competitiveness and market penetration have not been detailed.

MAULDIN, S.C., Jan. 3, 2022 /PRNewswire/ -- Xcelerate, Inc. (OTC pink sheets: "XCRT") today announced it has signed a Membership Interest Purchase Agreement to acquire a 51% interest in AfiyaSasa Africa, LLC, ("ASA") a start-up medical technology and virtual health company that the Company believes is uniquely positioned to help patients in developing countries meet their medical needs by extending the reach of physicians through the technology. This technology is centered on software that uses and incorporates artificial intelligence ("AI") and Augmented Reality ("AR") developed by AdviNOW. The application is designed to connect people in remote areas where there is limited medical infrastructure and/or limited medical professionals. ASA was recently founded by Dr. Dilan Ellegala and Doyle Word.

"This project, among others, has been at the forefront of our planning ever since Dilan Ellegala joined our Advisory Board in 2021. ASA is uniquely positioned to help the people of Africa meet their medical needs by extending the reach of physicians to their patient's mobile devices through a patented breakthrough technology." said Michael O'Shea, Xcelerate's CEO.

The ASA system is accessed by patients on their cell phones, tablets, or computers, and allows licensed physicians and other medical personnel to conduct initial check-in, triage, and determine the most appropriate care path, virtually. The system is equipped with facial recognition and storage capability to ascertain if the patient is a return patient. Additionally, through a set of questions and answers that are dynamically integrated with the systems proprietary AI component, measurements are taken with medical devices connected to a cell phone, tablet, or computer (e.g. stethoscope, thermometer, pulse oximeter etc.), bringing the telemedicine virtual appointment to the next level.  The AI assists with Q&A and with the AR to arrive at diagnostic possibilities, testing and treatment options and next steps for the patient. 

Dr. Ellegala, Co-Founder of ASA, has spent much of his professional life laying the foundation for transformational medical advances in Africa. His training of healthcare workers in remote Tanzania to perform brain and spine surgery and his pioneering work in global medical education is documented in Pulitzer-nominated journalist Tony Barthelme's book, "A Surgeon in the Village: An American Doctor Teaches Brain Surgery in Africa." NBC's Tom Brokaw described the work as "A lyrical, inspirational, altogether rewarding account of first-and third-world surgeons working together to perform neurosurgery miracles in the heart of Africa. "ASA is now poised to take Dr. Ellegala's foundational work to the highest level by dramatically improving the health care delivery system for hundreds of millions of Africans and we're excited to be a partner in the project. Xcelerate remains focused on joining early-stage medical technology companies and acquiring and applying patented technology to clinical care world-wide," said O'Shea. 

For more information, please visit www.xcelerate.global

SAFE HARBOR

This press release may contain forward-looking information within the meaning of Section 21E of Securities Exchange Act of 1934, as amended (the "Exchange Act"), including all statements not of historical fact regarding intent, belief or current expectations of Company, its directors or officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting Company's financial condition or results of operations; (iii) 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 such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many beyond the Company's ability to control.  Actual results may differ materially from those projected in forward-looking statements resulting from various factors.

Media contact: Karla Hernandez 561-750-9800; 561-768-1773 (c); karla@transmediagroup.com.

View original content:https://www.prnewswire.com/news-releases/xcelerate-acquires-controlling-interest-in-afiyasasa-africa-301452682.html

SOURCE Xcelerate, Inc.

FAQ

What is the significance of Xcelerate's acquisition of AfiyaSasa Africa?

Xcelerate's acquisition of a 51% interest in AfiyaSasa Africa aims to improve healthcare access in developing regions using advanced technologies.

What technologies does AfiyaSasa Africa utilize?

AfiyaSasa Africa utilizes AI and Augmented Reality to enhance telemedicine services, allowing remote consultations and triage.

How will this acquisition impact Xcelerate's business?

The acquisition is expected to position Xcelerate for growth in the medical technology sector by expanding its reach into underserved markets.

When was the acquisition of AfiyaSasa Africa announced?

The acquisition was announced on January 3, 2022.

Who are the founders of AfiyaSasa Africa?

AfiyaSasa Africa was co-founded by Dr. Dilan Ellegala and Doyle Word.