Xcelerate Inc (XCRT)

[RUPHERT]

MAUDLIN, SC / ACCESSWIRE / April 12, 2023 / Xcelerate, Inc. XCRT
announced today that it had completed its' due diligence and has entered into a binding agreement to acquire a controlling interest in ESN Group, Inc. and its' portfolio of health care and skin care products. The agreement calls for payment of $350,000 cash, the issuance of restricted Xcelerate stock, assumption of debt and employment agreements for key staff. The acquisition is expected to close no later than June 30, 2023.

"This transaction is another significant milestone in our value creation plan. On closing, Xcelerate will realize an immediate, ongoing revenue stream and, together with the management team from ESN and other significant partners, we will initiate a program to expand our product offering to mass merchant outlets and government agencies who have already expressed interest. The acquisition will also provide Xcelerate with the industry connections and management talent to further our previously announced goal of developing additional over-the-counter healthcare products based on our existing patent portfolio" said Mike O'Shea, Xcelerate CEO