xcelmobility inc (XCLL) Key Developments
XcelMobility Inc. Announces Lottery Business Expansion
Feb 3 15
XcelMobility Inc. announced it will focus the company's resources on the fast growing online lottery business in mainland China. The directors and officers of the company have developed a new strategic plan to grow the company as quickly as possible with the goal to up-list the company to a major stock exchange in 2016. Over the past 3 months the company has redeployed all corporate resources to grow and expand the online lottery business. A part of this decision the company has done the following: Redeploy all engineering and service resources to expand the company online lottery offerings. Consolidate all employees under one new lottery facility located in Shenzhen, China. Open a support and service facility in Fujian province. Hire experienced lottery professionals to help manage the fast growing online lottery group. Rebrand the company as a leading online lottery services company in China. XcelMobility's mobile lottery business is now fully online and servicing mobile lottery customers in China. The company is currently in discussions with a number of major Provinces in China to provide them with online mobile lottery services in the future. The company is also in talks with China Mobile to provide mobile payment services allowing its lottery subscribers to easily access their lottery accounts.
XcelMobility, Inc. Receives Lottery License in China
Oct 15 14
XcelMobility Inc. announced that it received a Sport Lottery License from the Fujian Administration of Sport and Gaming to provide sports lottery services using a mobile device. The new license will allow XCLL to quickly grow its lottery brand and revenues in the fast growing mobile lottery market in China.
XcelMobility, Inc. Files Certificate of Amendment to Articles of Incorporation
Jun 11 14
On June 11, 2014, XcelMobility Inc. filed a Certificate of Amendment to the company's Articles of Incorporation to increase the total number of authorized shares of common stock from 100,000,000 to 400,000,000 (the Certificate of Amendment). The board of directors of the company and shareholders took action by written consent for the purpose of approving the Certificate of Amendment.
XcelMobility Inc. Gets USD 650,000 Capital Raise to Expand Wearable Computing Platform
Jun 10 14
XcelMobility Inc. reported that it has received USD 650,000 in funding from Magna Capital Group Inc. The investment will serve to fuel the company's accelerated development of its cloud-connected wearable computing solutions and support its expansion into China and other targeted key markets that are rapidly adopting most advanced wearable computing technologies.
XcelMobility Inc. Announces Earnings Results for the Year Ended December 31, 2013; Provides Revenue Guidance for the Fiscal Year 2014
Apr 24 14
XcelMobility Inc. announced earnings results for the year ended December 31, 2013. For the year, revenue was $2,781,745, an increase of $2,504,339 or 902.8% from $277,406 for the year ended December 31, 2012. This increase in revenue was primarily due to the acquisition of Jifu Technology's security products group. The company reported a net loss of $504,848 for the year ended December 31, 2013 compared to net loss of $434,769 for the year ended December 31, 2012.
The company provided revenue guidance for the fiscal year 2014. The company is looking forward to continued growth in 2014 as it grow revenues in both its existing products and its newly launched Companion wearable computing platform.