Xcelerate, Inc. Releases Shareholder Update

Rhea-AI Summary

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.

Positive

• Completed reaudit of financial statements for 2022-2023
• Filed amended registration statement on Form S-1/A with SEC
• Pursuing NASDAQ listing application
• Engaged new underwriter Craft Capital Management for capital raising

Negative

• Delay in fundraising and uplisting process due to auditor issues
• Required to reaudit financial statements, causing potential time and resource constraints

MAULDIN, SC / ACCESSWIRE / August 13, 2024 / Xcelerate, Inc.'s (OTCQB:XCRT) CEO, Mike O'Shea, today released this letter and shareholder update.

Dear Shareholder,

On April 29, 2024, we announced that we had filed our annual report on Form 1-K with the SEC. This report included our annual independent financial audit for the years ended 2022 and 2023. Our intent was to then file our amended registration statement on Form S-1/A with the SEC in order to continue our fundraising and uplisting process. On May 03, 2024, the SEC announced that it had charged our independent auditors at the time, BF Borgers CPA PC, alleging that "Ben Borgers and his audit firm, BF Borgers, were responsible for one of the largest wholesale failures by gatekeepers in our financial markets," and permanently banned he and his firm from ever practicing before the commission. The SEC also announced that it would not accept audits undertaken by BF Borgers as part of any registration statement, requiring us to reaudit our financial statements that had been completed by BF Borgers.

As a result, on May 13, 2024, we announced that we had retained Bush and Associates CPA LLC, Henderson, NV, as our new auditors. Immediately thereafter, Bush and Associates, with the non-stop cooperation of our staff and advisors, completed the reaudit of our financial statement for the years ended December 31, 2023, and 2022, as well as the financial statement audits for the years ended December 31, 2021, and 2022 for ESN Group.

On July 30, 2024, we then filed our amended registration statement on Form S-1/A with the SEC.

https://www.sec.gov/Archives/edgar/data/1138586/000168316824005149/0001683168-24-005149-index.html

"I would personally and professionally like to thank our staff, advisors and, in particular, Chase Bush and Bush Associates for this herculean effort which will now allow us to pursue our previously filed application to list on the NASDAQ market and to work with our new underwriter, Craft Capital Management LLC, to raise the capital necessary move forward with our business plan" said Mike O'Shea, CEO.

Investors and stakeholders are encouraged to stay updated on the latest developments by visiting the Company's website at https://xcelerate.global/.

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 info@xcelerate.global.

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

View the original press release on accesswire.com

FAQ

What caused Xcelerate (XCRT) to reaudit its financial statements in 2024?

Xcelerate (XCRT) had to reaudit its financial statements because the SEC charged and banned their previous auditors, BF Borgers CPA PC, from practicing, requiring the company to redo their audits with a new firm.

Who is Xcelerate's (XCRT) new auditing firm as of May 2024?

Xcelerate (XCRT) retained Bush and Associates CPA from Henderson, NV, as their new auditors on May 13, 2024.

When did Xcelerate (XCRT) file its amended registration statement on Form S-1/A in 2024?

Xcelerate (XCRT) filed its amended registration statement on Form S-1/A with the SEC on July 30, 2024.

What are Xcelerate's (XCRT) plans for listing and fundraising as of August 2024?

As of August 2024, Xcelerate (XCRT) plans to pursue its NASDAQ listing application and work with new underwriter Craft Capital Management to raise capital for its business plan.