XcelPlus Global Notches First $1+ Million Month as New Strategy Gets Traction, September Forecast Brighter
DOTHAN, Ala.-(Business Wire)-September 9, 2009 - XcelPlus Global Holdings, Inc. (Pink Sheets: XPGH), manufacturer and distributor of industrial biofuels, reports August sales of $1.2 million, an increase of nearly 1600% over July – as the strategy of the new management team begins to show its effect. "We appreciate the support of our shareholders as we have worked to transform this company from a position of debt and no sales, to million-dollar-plus monthly sales and no debt," said J. Michael Parsons, president and CEO. "We believe this is just the beginning of XcelPlus's potential."
Strategic alliances with Freedom Fuels, LLC and Gen-X Energies have played key roles in implementing XcelPlus' successful game plan, according to Parsons. "Freedom Fuels has done a superb job securing new customers who are increasing their volumes with us," said Parsons. "Likewise, Gen-X Energies is managing operations and developing new products that we believe will open new markets." Gen-X also assists with quality control and product procurement.
One of the company's most important near-term goals, according to Parsons, is selection of an audit firm this month as a step toward producing audited financial reports, a key requirement for XcelPlus to advance from its status as a Pink Sheet stock. XcelPlus is also implementing new software for more cost-effective management. Its new website, scheduled for launch this month, will give the company a higher profile.
"We are encouraged and optimistic with the reception from the marketplace," Parsons added. "Our forecast is for a strong September – better than August, which was the company's best month. With results trending positively, XcelPlus should achieve increased shareholder value. We appreciate the confidence our shareholders place in the management team and want to assure them we are working in their best interests daily."
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties, including, without limitation, the ability to obtain financing and regulatory and shareholder approval for anticipated actions.
| Investors Relations at investor@xcelplusglobal.com |
| XcelPlus Global Holdings, Inc. |
| 866-492-5325 |
| XCELPLUS GLOBAL HOLDINGS, INC. | ||
| FINANCIAL STATEMENTS | ||
| Eight Months Ended August 31, 2009 | ||
ACCOUNTANTS' COMPILATION REPORT
| To the Board of Directors |
| XcelPlus Global Holdings, Inc. |
| Dothan, Alabama |
We have compiled the accompanying balance sheet of XcelPlus Global Holdings, Inc. as of August 31, 2009, and the related statements of income and retained earnings for the one month and eight months then ended, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants.
A compilation is limited to presenting, in the form of financial statements and supplementary schedules, information that is the representation of management. We have not audited or reviewed the accompanying financial statements and supplementary schedules and, accordingly, do not express an opinion or any other form of assurance on them.
Management has elected to omit substantially all of the disclosures and the statement of cash flows required by generally accepted accounting principles. If the omitted disclosures and statement were included in the financial statements, they might influence the user's conclusion about the Company's financial position, results of operations, and cash flows. Accordingly, these financial statements are not designed for those who are not informed about such matters.
| Bevis, Eberhart, Browning, Walker & Stewart, PC is not independent with respect to this client. |
| Dothan, Alabama |
| September 8, 2009 |
| XCELPLUS GLOBAL HOLDINGS, INC. | ||||||
| BALANCE SHEET | ||||||
| August 31, 2009 | ||||||
| ASSETS | ||||||
| CURRENT ASSETS | ||||||
| Cash | $ | 146,540 | ||||
| Accounts receivable | 356,694 | |||||
| Inventory | 187,159 | |||||
| TOTAL CURRENT ASSETS | 690,393 | |||||
| FURNITURE, FIXTURES AND EQUIPMENT, net | 856 | |||||
| DEPOSITS | 30,274 | |||||
| INTANGIBLES |
| 211,000 | ||||
| $ | 932,523 | |||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
| CURRENT LIABILITIES | ||||||
| Trade accounts payable | $ | 273,673 | ||||
| TOTAL CURRENT LIABILITIES | 273,673 | |||||
| LONG-TERM DEBT |
| - | ||||
| STOCKHOLDERS' EQUITY | ||||||
| Common stock, $.001 par value, 190,000,000 authorized, | 46,309 | |||||
| Preferred stock, $.001 par value, 10,000,000 authorized, | 6,200 | |||||
| Additional paid-in capital | 523,759 | |||||
| Retained earnings (deficit) | 82,582 |
| ||||
| 658,850 | ||||||
| $ | 932,523 | |||||
| XCELPLUS GLOBAL HOLDINGS, INC. | |||||||||
| STATEMENT OF INCOME AND RETAINED EARNINGS | |||||||||
| For the One Month and Eight Months Ended August 31, 2009 | |||||||||
| One Month Ended | Eight Months Ended | ||||||||
| August 31, 2009 | August 31, 2009 | ||||||||
| REVENUE | $ | 1,213,232 | $ | 1,315,371 | |||||
| COST OF GOODS SOLD | 896,407 | 897,045 | |||||||
| GROSS PROFIT | 316,825 | 418,326 | |||||||
| OPERATING EXPENSES | |||||||||
| Advertising and promotion | 5,649 | 31,287 | |||||||
| Automobile | 1,571 | 10,503 | |||||||
| Bank charges | 272 | 566 | |||||||
| Computer and internet | 3,639 | 3,979 | |||||||
| Contracted services | 11,875 | 127,729 | |||||||
| Corporate fees | - | 5,624 | |||||||
| Depreciation | - | 61 | |||||||
| Dues and Subscriptions | 3,000 | 3,000 | |||||||
| Insurance | - | 7,633 | |||||||
| Interest | 3 | 3 | |||||||
| Investor relations | - | 51,500 | |||||||
| Logistics fees | 900 | 900 | |||||||
| Meals and entertainment | 20 | 1,555 | |||||||
| Office supplies | 204 | 1,220 | |||||||
| Postage and delivery | 255 | 398 | |||||||
| Product development | - | 622 | |||||||
| Professional fees | 19,720 | 23,406 | |||||||
| Rent | 14,892 | 15,542 | |||||||
| Supplies | 1,751 | 1,751 | |||||||
| Taxes and licenses | 100 | 100 | |||||||
| Telephone | 1,809 | 3,955 | |||||||
| Travel | 822 | 25,656 | |||||||
| 66,482 | 316,990 | ||||||||
| NET INCOME (LOSS) | 250,343 | 101,336 |
| ||||||
| BEGINNING RETAINED EARNINGS (DEFICIT) | (167,761 | ) | (768,754 | ) | |||||
| Prior period adjustment | - | 750,000 | |||||||
| ENDING RETAINED EARNINGS (DEFICIT) | $ | 82,582 |
| $ | 82,582 |
| |||
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