CEO Michael O’Shea and Principal Shareholder Clifford Theisen Commit to Equity Conversion, Demonstrating Confidence in the Company’s Future
MAULDIN, SC / October 21, 2026 / Xcelerate Inc. (OTC: XCRT) today announced that its Board of Directors has approved the conversion of $1.35 million in outstanding loans from CEO Michael O’Shea and principal shareholder Clifford Theisen into shares of the Company’s
common stock. The Board believes that eliminating these liabilities in exchange for equity is in the best financial interests of the Company and its shareholders. The Company believes this conversion reflects the participants’ confidence in Xcelerate’s future. The transaction represents a significant balance-sheet initiative as Xcelerate continues to advance its strategic priorities across healthcare technology, artificial intelligence-enabled healthcare solutions, medical-device innovation and intellectual property development.
Under the approved resolutions, Mr. O’Shea will convert his $450,000 loan into 22,500,000 shares of common stock, while the principal shareholder will convert his $900,000 in outstanding loans into 45,000,000 shares. Both conversions are approved at a price of $0.02
per share, with the transaction effective September 30, 2026.
“This decision reflects our confidence in Xcelerate’s future and our commitment to strengthening the Company’s financial position,” said Michael O’Shea, CEO of Xcelerate Inc. “Converting $1.35 million in outstanding loans into equity is an important step toward solidifying our financial foundation. We remain focused on advancing our healthcare technology initiatives, developing our intellectual property portfolio, and pursuing opportunities to translate innovative technologies into practical medical solutions.”
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.
For more information
visit www.xcelerate.global or contact us at 854-900-2020 or email info@xcelerate.global.
Join our investor community newsletter: ir@xclerate.global
Connect with us:
Website | X | Youtube | Instagram | Tiktok
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 statements resulting from various factors.