Xcelerate, Inc. Retains Accounting Firm For Audit

Rhea-AI Summary

Xcelerate (OTC Pink Sheets: XCRT) has engaged BF Borgers CPA PC for auditing its financial statements for the fiscal years ending December 31, 2019, and 2020. This move aligns with the company's goal to enhance shareholder value, according to CEO Michael O'Shea. Additionally, the management is exploring potential acquisition candidates, aiming for future growth. While no agreements are in place yet, there is optimism about success. Xcelerate plans to raise funds for business capital and pursue uplisting to OTCQB or QX, with hopes of eventually achieving a NASDAQ listing.

Positive

• Engagement of BF Borgers CPA PC for auditing, indicating commitment to transparency.
• Management actively seeking acquisition opportunities to drive company growth.
• Plans to uplist to higher stock exchanges, which could enhance visibility and liquidity.

Negative

• No definitive acquisition agreements currently in place, indicating potential uncertainty.
• Uplisting is contingent on successful acquisitions and fundraising, presenting inherent risks.

MAULDIN, S.C., June 22, 2021 /PRNewswire/ -- Xcelerate, Inc. (OTC Pink Sheets: "XCRT") today announced it has retained BF Borgers CPA PC as the company's independent accountant to audit its financial statements for  years ending December 31, 2019 and 2020. The retention of the auditing firm is another step in the company's plan to bring value to its shareholders, said Xcelerate's CEO Michael O'Shea.

"Management has been diligently reviewing potential acquisition candidates over the past month," said O'Shea. "While we have no definitive agreement to acquire a company at this time, we remain optimistic that our efforts will be successful in the near future." Mr. O'Shea then cautioned "Nothing is done until it is done. This is a long process and involves a significant amount of work. Ideally, once we acquire an existing business, we will attempt to raise sufficient funds to insure the business is properly capitalized. We then plan on filing a registration statement with the SEC and thereafter, uplisting to OTCQB or QX, with the ultimate goal of uplisting to a national exchange. Hopefully, our recent relationship with a nationally-recognized investment banker will assist in this plan; their last three transactions resulted in uplistings to NASDAQ. As always, we intend to keep the investing public fully informed about all important Company developments as events warrant."

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.

Media contact: Justin Baronoff 561-750-9800; justin@transmediagroup.com.

View original content:http://www.prnewswire.com/news-releases/xcelerate-inc-retains-accounting-firm-for-audit-301317646.html

SOURCE Xcelerate, Inc.

FAQ

What recent action did Xcelerate (XCRT) take regarding its financial audits?

Xcelerate retained BF Borgers CPA PC to audit its financial statements for the years ending December 31, 2019, and 2020.

What is Xcelerate's plan for acquisitions?

Xcelerate's management is reviewing potential acquisition candidates but has not finalized any agreements yet.

What are the future plans for Xcelerate (XCRT) regarding stock exchange listings?

Xcelerate aims to uplist to OTCQB or QX, with the ultimate goal of uplisting to NASDAQ.

Who is the CEO of Xcelerate, and what did he say about the company's plans?

CEO Michael O'Shea expressed optimism about acquisition efforts and the importance of proper capitalization for future growth.

What risks are associated with Xcelerate's future plans?

Xcelerate's growth strategies are subject to uncertainties, including the success of acquisitions and the availability of financing.