Xcelerate Files Supplemental Information For Removal of Shell Status

Rhea-AI Summary

Xcelerate (OTC Pink: XCRT) announced on January 25, 2022, that it filed a Supplemental Report with OTC Markets to remove its 'shell' status. CEO Michael O’Shea stated that following their recent Form 1-A filing with the SEC, the company believes it no longer qualifies as a shell under SEC rules. This change is a step toward Xcelerate's goal of uplisting to the OTCQB and ultimately to a national exchange.

Positive

• Removal of 'shell' status potentially improves company credibility.
• Progress towards uplisting to OTCQB could increase visibility and access to capital.

Negative

• None.

Mauldin, SC, Jan. 25, 2022 (GLOBE NEWSWIRE) -- Xcelerate, Inc. (OTC Pink: XCRT) today announced that it has filed a Supplemental Report with OTC Markets to remove the “shell’ status symbol from the OTC Markets webpage.

“As a result of the Company’s recent Form 1-A filing with the SEC we believe that Xcelerate is no longer classified as a shell company under SEC rules” said Michael O’Shea, Xcelerate’s CEO. “Accordingly, we have filed a Supplemental Report with OTC Markets requesting that this designation be removed. The removal of this designation will take us one step closer to our previously announced plan to complete an uplisting to the OTCQB, with the ultimate goal of uplisting to a national exchange” O’Shea said.

For more information, please visit www.xcelerate.global

Contact:
mike@xcelerate.global
854-900-2020

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.
 

FAQ

What did Xcelerate announce regarding its shell status on January 25, 2022?

Xcelerate announced it filed a Supplemental Report with OTC Markets to remove its 'shell' status.

What is the significance of Xcelerate removing its shell status?

Removing the shell status may enhance company credibility and is a step towards uplisting to OTCQB.

What are Xcelerate's future plans following the shell status removal?

Xcelerate aims to uplist to the OTCQB and ultimately to a national exchange.

Who is the CEO of Xcelerate and what did they say about the shell status?

Michael O’Shea, the CEO, stated that the company believes it is no longer classified as a shell under SEC rules.