(CORRECTION) XcelPlus International 1-to-100 reverse stock split

Rhea-AI Summary

XcelPlus International (OTC Pink: XLPI) announced a 1-for-100 reverse stock split, effective July 26, 2021. While the Financial Industry Regulatory Authority (FINRA) processed the split, it did not provide approval or disapproval, highlighting that compliance with regulatory requirements is not ensured. CEO Charles Robinson urged shareholders to remain patient during this transition, emphasizing the company’s commitment to adding value and transparency. Upcoming unaudited financial statements will be posted on their website.

Positive

• Expectation of posting unaudited financial statements to enhance transparency.

Negative

• Reverse stock split may indicate underlying issues affecting stock price.

Reno, Nevada, July 23, 2021 (GLOBE NEWSWIRE) -- XcelPlus International Inc. (OTC Pink: XLPI) today announced a 1-for-100 reverse split of its outstanding common stock. The effective date of the stock split is July 26, 2021.

While the Financial Industry Regulatory Authority (FINRA) did process the reverse split, FINRA has neither approved nor disapproved the action. FINRA’s processing of the reverse split does not constitute FINRA approval. Furthermore, FINRA’s processing of the reverse split does not mean that FINRA has considered the company’s compliance with any federal, state, or other self-regulatory requirements.

“I ask our shareholders to be patient as we complete this transition” said XLPI President and CEO, Mr. Charles Robinson.  “There are many wheels turning here at XcelPlus. We are working diligently to provide value and transparency to our shareholders, and to that end, we expect to be posting our un-audited financial statements and other important information on our website in the coming weeks.

Forward Looking Statements
Certain statements in this communication constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements of future expectations and events, future strategic objectives, business prospects and anticipated results. Forward looking statements can often be identified by words such as  “will,” “can,” “moving,” “expect,” and similar expressions and include, but are not limited to, statements regarding or relating to the company’s capital structure and acquisition strategies, the company’s initiatives, the company’s transition into any industry, our ability to bring products, services and technologies to market and the ultimate success in the marketplace of such products, services and technologies. Forward-looking statements are not guarantees of future results and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially and adversely from those expressed or implied in such statements. These statements are based on management’s current views and assumptions, speak only as of the date hereof and are subject to change. We undertake no obligation to revise or update any forward-looking statements for any reason, except as required by law.

Contact: Ian Douglass
Chief Communications Officer
info@xcelplusint.com
346-348-4034

FAQ

What is the effective date of the XLPI reverse stock split?

The effective date of the 1-for-100 reverse stock split for XLPI is July 26, 2021.

What does the FINRA processing of XLPI's reverse stock split mean?

FINRA’s processing does not imply approval or compliance with regulatory requirements for XLPI.

How has XLPI communicated with shareholders about the reverse stock split?

XLPI's CEO urged shareholders to be patient and mentioned upcoming financial disclosures to improve transparency.

What is the ratio of the stock split for XcelPlus International?

XcelPlus International implemented a 1-for-100 reverse stock split.