Xcelerate, Inc. Signs Definitive Memorandum of Understanding with HS Pharmaceuticals, LLC
Xcelerate, Inc. (OTC: XCRT) has signed a Definitive Memorandum of Understanding with HS Pharmaceuticals, LLC to acquire 100% of its membership interests and a 51% interest in HS Cosmetics, Inc. This agreement includes provisions for drafting an Acquisition Agreement with a pre-determined valuation and capital raising efforts to support HS Pharmaceuticals' intellectual property development and HS Cosmetics' marketing strategy initiated in April 2021. CEO Michael O'Shea noted collaboration with Network1 Financial to facilitate these financial activities.
- Acquisition increases Xcelerate's stake in the medical technology sector.
- Collaboration with Network1 Financial aids in capital raising efforts.
- None.
MAULDIN, S.C., Aug. 26, 2021 /PRNewswire/ -- Xcelerate, Inc. (OTC pink sheets: "XCRT") today announced that it has signed a Definitive Memorandum of Understanding with HS Pharmaceuticals, LLC of Greenville, SC defining the terms under which Xcelerate, Inc. will acquire
The DMOU calls for the drafting and signing of an Acquisition Agreement with a pre-determined valuation of HS Pharmaceuticals as well as the raising of capital sufficient to progress the development of HS Pharmaceuticals IP and to fulfill the expansion of the current HS Cosmetics marketing plan launched in April of 2021.
"Since the announcement of a letter of intent with HS Pharmaceuticals in May, the teams at Xcelerate and HS have been working to define the terms that have resulted in this DMOU and were able to agreement with the assistance of our advisors at Network1 Financial who will be working with us going forward in our capital raising efforts" said Michael O'Shea, Xcelerate CEO."
"Xcelerate remains focused on joining early-stage medical technology companies in a setting of controlled clinical care where these new developments can be trialed, tested and applied," said O'Shea.
For more information, please visit www.xcelerate.global.
Media contact: Justin Baronoff 561-750-9800; justin@transmediagroup.com.
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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.
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SOURCE Xcelerate, Inc.
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