Thursday, October 19, 2006 2:38:55 PM
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SALUDA, VA, Oct 19, 2006 (MARKET WIRE via COMTEX) -- XcelPlus International Inc. (PINKSHEETS: XLPI) will release 3rd quarter financials on November 1st 2006. However, because the quarter's results are not as anticipated we wish to update shareholders as to the Company's current position.
The Company's 3rd quarter sales goal of $1million will not be met. The sales goal was based on 2nd quarter Flextek sales growth and on contract negotiations to put Lubrilon products on the shelves of over one thousand major retail stores. Unfortunately Flextek sales growth did not continue as anticipated; we expect Flextek sales to be less than $75,000 for the quarter. Additionally, the auto parts stores have moved their anticipated date for introduction of Lubrilon products to the 1st quarter of 2007.
While our 3rd quarter sales figures were less than anticipated, there is some good news. We do expect Lubrilon to be on retail shelves in 2007, we just today signed a Flextek distributor for Hungary with a minimum purchase of 100 units, and we expect several more signed distribution agreements from XcelPlus Asia Pacific before the end of the quarter. We continue to work diligently to accomplish our goals and to make your company a success. Further details will be released with the quarterly financial statement on November 1st.
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