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Replies to post #21473 on Xcelerate Inc (XCRT)
To acquire these interests we purchased shares directly from ESN, repaid outstanding debt and purchased shares from current shareholders. The aggregate cost of these acquisitions was approximately $463,000. We utilized our available cash, as well as loans from our management and principal shareholders, to fund these acquisitions.
As part of these transactions, we also retained the services of John Jay Kline, the former President of the ESN Group of companies, who will continue to operate both companies on our behalf. Mr. Kline also will own a minority position in both companies. As part of the consideration for his employment, we agreed to issue to him 2 million shares of our common stock.
AI
