MAULDIN, SC / ACCESSWIRE / January 3, 2023 / Xcelerate, Inc.'s (OTCQB:"XCRT") Mike O'Shea, CEO, today released this letter and shareholder update.
I would like to first thank our shareholders for their continued support throughout 2022 and wish all a healthy and prosperous New Year. 2022 was a very busy formulative year for Xcelerate during which we achieved a number of milestones, including;
Qualified a Regulation A offering with the SEC and began raising additional equity capital to continue the implementation of the Company's business plan;
Acquired a controlling interest in AfiyaSasa Africa LLC, a start-up medical technology and virtual health company that we believe is uniquely positioned to help patients in developing countries meet their medical needs by extending the reach of physicians through the technology.
Acquired a portfolio of patents, patents pending and technology licenses from HS Pharmaceuticals LLC, a manufacturer and distributor of dermatological products for chronic wounds, burns and drug resistant infections.
Appointed one new Board member and three new Advisory Board members.
Obtained patent pending status our first invention, "Surgical Tools with Targeting Guidance". The device improves handling and precision of surgical tools by aiding the surgeon in observing the surgical site. It can adjust tool alignment and target acquisition. It will integrate target marker projection in the tool and utilize camera miniaturization. It will be able to give the surgeon a 1st-person "tool view" of the surgical site as well as distance information between tool and the intended point of surgical incision in real time. This will allow procedures to both progress faster and with extreme accuracy.
In conjunction with the patent filing, we have begun working with OptiSensor GmbH to develop optics that can be integrated into our tool, including a 1.7x.7 mm color camera. Initial trial of image quality has proven very successful.
Uplisted to the OTCQB market from the pink sheets as a result of now being a reporting company with the SEC;
Had our designation as a "shell company" removed by OTC Markets.
Expanded our patent portfolio protection in nine additional countries, including Korea.
Began an initiative to identify potential partners to assist in the development of over-the-counter healthcare products based on our existing IP.
As we enter 2023, I believe that we are well positioned to continue to execute our business plan. One of our primary objectives is to begin generating revenues from our projects. To do so we have done or intend to do the following:
We will be forming a new wholly owned subsidiary, Xcelerate Brands, to execute on our plan to develop a line of healthcare / skin care products. In conjunction with this program, we will soon announce the appointment of additional members to our Board of Advisors, who have many years of experience in the over-the-counter product sector.
Thanks to the continued efforts of Dr. Elegalla and his team in Tanzania, the software for the AfiyaSasa program has been translated to Swahili and the end user apps are nearly complete. We anticipate being able to go live with the program by Q2 of this year.
As always, we are grateful for the support of our shareholders. Together we look forward to an exciting and successful 2023.
Respectfully,
Mike O'Shea C.E.O.
ABOUT XCELERATE INC.
In May 2020, Xcelerate commenced implementation of a new business plan that encompasses two separate but related businesses within the medical industry, including (i) owning and licensing the rights to various forms of medical equipment and portfolio of patents, patents pending and technology licenses and (ii) development of virtual health technology to assist patients in developing countries obtain medical care by extending the reach of physicians through the use of that technology.
Additional information about Xcelerate's R&D plans can be viewed at the newly updated under the heading of Technology.
SAFE HARBOR
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 statementsresulting fromvarious factors.
