Xcelerate, Inc. Executes Letter of Intent to Acquire a Controlling Interest in ESN, Inc.
MAULDIN, SC / ACCESSWIRE / January 17, 2023 / Xcelerate, Inc. (OTCQB:XCRT) announced today that it had entered into a letter of intent to acquire a controlling interest in ESN Group, Inc. and its’ portfolio of health care and skin care products. Pursuant to that Letter of Intent, Xcelerate, Inc. and ESN Group, Inc. have begun a 60-day period of due diligence and negotiation and preparation of definitive transaction agreements.
ESN Group, Inc. currently operates two revenue producing businesses, including:
- Ceramedx a facial cleanser and location for dry, sensitive skin containing ESN’s exclusive RiceramideTR-3, that uses a natural ceramide technology developed by ESN (www.ceramedx.com); and
- Earth Science Beauty (www.earthsciencebeauty.com), offering plant-based solutions for skin, body and hair.
If completed, it is anticipated that the transaction will provide an estimated multiple millions of dollars in first year revenue to Xcelerate.
Xcelerate recently announced the formation of its’ Xcelerate Brands division with the mission of identifying marketing/manufacturing partners to assist in the development of over-the-counter healthcare products based on its existing patent portfolio as well as those of strategic partners. Michael O’Shea, CEO of Xcelerate. Stated “We have enlisted the assistance of several seasoned executives to aide in our search for possible partners and I am thankful for the quick response they have provided and look forward to other potential business combinations.”.
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 initially in Africa to provide for their population to obtain medical care by extending the reach of physicians through the use of that technology.
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.
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SOURCE: Xcelerate, Inc.