XcelPlus Global Holdings, Inc. Announces Financial Results
DOTHAN, Ala.--(Business Wire)--
Renewable fuels leader XcelPlus Global Holdings, Inc. (Pink Sheets: XPGH) is
realizing its potential under new management direction, announcing financial
results.
"While management is not pleased about the reported loss in operating results,
it is well pleased with the progress made during the first months in
re-establishing the direction of the company," said J. Michael Parsons,
president of XcelPlus Global Holdings Inc. "The company improved tremendously
over any previous period and had some great things happen, but timing was such
that a few of them did not register in this quarter.
"We have only a few months of history and results for what management refers to
as the 'new' XcelPlus Global Holdings, but we want our stakeholders to know we
are confident about our strategy, our growth prospects and the overall direction
of the business. We now have a clear path and a positive direction in which to
move the company forward rapidly.
"Demand for our products is excellent," Parsons continued. "These fuels burn
cleaner, so carbon emissions are reduced. The fuels are safer to handle from a
HAZMAT point of view, and they are easier for the customer to use and manage.
Our affiliates, such as Freedom Fuels and Gen-X Energies, continue to experience
a good reception with customers, and our volume increases daily. Our growth is
tempered only by state environmental permitting requirements."
Genesis of XcelPlus Global Holdings
XcelPlus Global Holdings, Inc. was a private company until April 2006, when it
merged with E4 World a Pink Sheet company formerly known as Korean Station,
World of Wheels and Envira Minerals. This enabled XcelPlus to emerge as a
publicly traded company and add shareholders. As part of the transaction,
shareholders of record in XcelPlus International, Inc. (Pink Sheets: XLPI) prior
to April 2006 were granted one share of XPGH for each 20 shares of XLPI owned.
Further, XcelPlus Global Holdings was to assist in providing financing to XLPI,
and though the venture capital firm of McGuire Woods, Inc., was retained,
funding did not materialize.
Between the merger date in 2006 and February 2009, XPGH produced no revenues,
deferred its operating expenses and incurred debt.
New Beginning
In February 2009, J. Michael Parsons of Parsons Energy was contracted by
XcelPlus Global Holdings to serve as president and CEO, set a new strategic
direction, manage operations and move the dormant company forward. Under
Parsons' leadership, the company cleared up its debt, brought SEC filings up to
date and transformed the company from a dormant shell into a revenue producer.
Parsons, on behalf of XPGH, entered into long-term agreements with Freedom Fuels
and Gen-X Energies, both of which have complementary strengths to support the
present and future growth plan for XPGH. Going forward, more strategic alliances
are planned.
"Interest in this company has become intense, as might be expected, and for that
reason we will begin issuing monthly financial updates," Parsons said. "We are
also considering a management conference call for shareholders in September. All
of these can be considered mileposts on what appears to be a very strong growth
track for XcelPlus Global Holdings for the foreseeable future."
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.
XCELPLUS GLOBAL HOLDINGS, INC.
FINANCIAL STATEMENTS
Six Months Ended June 30, 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 June 30, 2009, and the related statements of income and retained
earnings for the six 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, P.C.
Dothan, Alabama
July 13, 2009
XCELPLUS GLOBAL HOLDINGS, INC.
BALANCE SHEET
June 30, 2009
ASSETS
CURRENT ASSETS
Cash $ 90,456
Accounts receivable 26,000
TOTAL CURRENT ASSETS 116,456
FURNITURE, FIXTURES AND EQUIPMENT, net 871
INTANGIBLES 211,000
$ 328,327
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Trade accounts payable $ 31,556
TOTAL CURRENT LIABILITIES 31,556
LONG-TERM DEBT -
DEFERRED INCOME TAXES
STOCKHOLDERS' EQUITY
Common stock, $.001 par value, 190,000,000 authorized, 45,909
45,909,162 issued and outstanding
Preferred stock, $.001 par value, 10,000,000 authorized, 6,200
6,200,000 issued and outstanding
Additional paid-in capital 474,159
Retained earnings (deficit) (229,497 )
296,771
$ 328,327
See accountants' compilation report.
XCELPLUS GLOBAL HOLDINGS, INC.
STATEMENT OF INCOME AND RETAINED EARNINGS
For the Six Months Ended June 30, 2009
REVENUE $ 26,000
OPERATING EXPENSES
Advertising and promotion 23,694
Automobile 7,389
Bank charges 279
Computer and internet 340
Contracted services 115,784
Corporate fees 5,624
Depreciation 46
Insurance 4,856
Investor relations 51,500
Meals and entertainment 1,462
Office supplies 608
Postage and delivery 80
Product development 622
Professional fees 1,334
Rent 650
Telephone 1,496
Travel 20,979
236,743
NET INCOME (LOSS) (210,743 )
BEGINNING RETAINED EARNINGS (DEFICIT) (768,754 )
Prior period adjustment 750,000
ENDING RETAINED EARNINGS (DEFICIT) $ (229,497 )
See accountants' compilation report.
XcelPlus Global Holdings, Inc.
Investors Relations, 866-492-5325
investor@xcelplusglobal.com
http://Xcelplusglobal.com/
or
XcelPlus Global Holdings, Inc.
J. Michael Parsons, 866-492-5325
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