XcelPlus Global Holdings Announces Date for SEC Filing and Release of Audit
Posted on : 2010-01-26 | Author : XcelPlus Global Holdings, Inc.
News Category : PressRelease
DOTHAN, Ala. - (Business Wire) XcelPlus Global Holdings, Inc. (Pink Sheets: XPGH), a leading manufacturer and distributor of industrial biofuels, announced today the company's first audited financial report will be issued on or before February 24, 2010. The 2009 fourth-quarter and year-end results released in the report will all be positive, and the company plans to electronically file Form S-1 with the SEC the same day the audit report is issued, initiating the process to move to over-the-counter trading.
"We are a relatively young company with no debt, cash in the bank and strong top and bottom lines," said J. Michael Parsons, president and CEO of XcelPlus Global Holdings. "So, we anticipate the approval process will go smoothly." Approval from the SEC to trade on a national securities exchange typically takes four to six weeks from the date of filing. Carr, Riggs & Ingram is conducting the audit, while Denver, CO, private practice attorney Diane Dalmy is preparing the S-1 paperwork.
"We are eager to pass this milestone and continue on the track we have set for 2010 and beyond," said Parsons. "We have had a number of successful test burns recently, as we look to expand into new markets, with even greater profit potential, in the very near 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.
DOTHAN, Ala.--(BUSINESS WIRE)--XcelPlus Global Holdings, Inc. (Pink Sheets: XPGH - News), a leading manufacturer and distributor of industrial biofuels, gained a solid foothold on its future growth and stability this week with the passing of revisions to the National Renewable Fuel Standard (RFS2) program by the Environmental Protection Agency (EPA). The revised statutory requirements establish new annual volume standards for the biomass-based diesel fuel produced by XcelPlus Global, as well as for cellulosic and advanced biofuels. The combined volume requirements for 2010 are 12.95 billion gallons (bg), and, under the new regulations, continue to increase over the next 12 years, reaching 36 bg by 2022.
"This legislation sets the stage for us to enter some new, very large markets," said J. Michael Parsons, president and CEO of XcelPlus Global Holdings. "There is a synergistic effect as well, as this new legislation will also strengthen our strategic partners and stabilize our industry into the future." XcelPlus Global currently supplies biofuels made from plant oils, fats and other waste stream products to customers in asphalt/road construction, paper mills and lime kilns, among others.
"We are grateful for the efforts of Senator Maria Cantwell (D-WA) and for her understanding of the importance of making renewable fuels viable in the United States," said Parsons. Members of the XcelPlus Global management team will attend the National Biodiesel Conference in Dallas, TX next week to meet with EPA officials and explore opportunities presented with the new regulations.
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 Inks Strategic Supply Agreements for Feedstock
DOTHAN, Ala.--(BUSINESS WIRE)--XcelPlus Global Holdings, Inc. (Pink Sheets: XPGH - News), manufacturer and distributor of industrial biofuels, announced today that it has reached an agreement and is finalizing terms to purchase biofuel feedstock from Agri-Source Biofuel in Dade City, Florida, and Higher Ground Energy Solutions Inc. in northwest Alabama. The company expects that the terms of these agreements will add favorable economics, with the locations of the supplying facilities enabling XcelPlus to reduce transportation costs.
"Both of these suppliers are strategically located to serve some key customers," explained J. Michael Parsons, President of XcelPlus Global Holdings. "We expect the agreement with Agri-Source to enable us to significantly reduce our transportation costs. The affiliation with Higher Ground, likewise, will give us feedstock advantages geographically and help lower our transportation costs to this region. We look forward to reaching formal agreements and increasing our volumes with both suppliers over time."
In a February 24, 2010 press release, the company announced that it had engaged Charles Blackmon to serve as Chief Financial Officer. Blackmon stated: "We continue to make good progress toward issuing audited financial statements for 2009, and expect to do so in the near future.” Parsons added, “We appreciate our investors' patience as we finalize this process."
About XcelPlus Global
XcelPlus Global Holdings began actual operations in 2009. The company develops and produces Federally Compliant Biomass-Based Renewable Fuels for light, medium and heavy industries. In the near future, Green House Gas, Carbon Emissions and Particulate Matter will affect every major manufacturer in this country. The company's solution is to implement clean, renewable, biomass-derived fuel as a strategic reduction option.
This release includes forward-looking statements, including statements about plans to enter into contracts to purchase biofuel feedstock and to complete audited financial statements for 2009. These forward-looking statements are not guarantees of future performance, and a variety of factors could cause the company's actual results to differ materially from the anticipated or expected results expressed in these forward-looking statements, including an inability of the company to reach a formal agreement with either of the two feedstock suppliers, and the costs and difficulties of preparing audited financial statements for an early stage, rapidly growing company.
XcelPlus Global Holdings Acquiring Solar Hot Water Systems - Eyes Market Expansion
DOTHAN, Ala.--(BUSINESS WIRE)--XcelPlus Global Holdings Inc. (Pink Sheets: XPGH - News) will receive its first shipment of solar hot water systems in July and has already entered negotiations for additional units, following through on its plan announced earlier this month to diversify the company's customer base and product lines.
"XcelPlus Global is a green energy company at its core, so expansion into the solar segment is a natural evolution," said Chief Operating Officer David Poston. "Our near-term goal is to install several units and verify the performance. Longer term, we are in negotiation for purchase of additional units or possibly acquiring the supplier, though nothing is final." The solar systems are designed for home and light commercial/industrial applications. The Federal government currently provides a 30 percent tax credit for the purchase of a home solar unit. States may offer additional incentives.
With the delay in renewal of the biofuel subsidy, XcelPlus Global's management moved purposefully to expand the company's technology base, Poston explained. "The income from the subsidy helped build this company in its early stages. However, the increasing delays in the subsidy's renewal, and the need for it to be renewed annually, caused management to explore additional revenue streams."
This release includes forward-looking statements, including statements about future growth. These forward-looking statements are not guarantees of future performance, and a variety of factors could cause the company’s actual results to differ materially from the anticipated or expected results expressed in these forward-looking statements, including the risks that: the federal government will fail to renew certain tax credits; the Company will not be able to continue to acquire suitable raw materials; and the Company will not be able to expand its customer base as it anticipates.
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