PALO ALTO, Calif., Feb. 3, 2015 /PRNewswire/ -- XcelMobility,
Inc. (OTCQB: XCLL, OTCBB: XCLL) ("Xcel" or the "Company"), a
leading online lottery service provider, today 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.
"ExcelMobility has a wealth of opportunity and technology for a
small developing company. But Success comes by focusing on your
best opportunity allowing management to target limited resources
for the highest return. We want to be great at our best
opportunity so it was an easy decision by the leaders of
XcelMobility to decide to focus entirely on our online lottery
business with market growth rates approaching 90% year over year."
said Ronald Strauss, Executive
Chairman of XcelMobility.
A part of this decision the company has done the following:
- Redeploy all engineering and service resources to expand our
online lottery offerings.
- Consolidate all employees under our 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 our
lottery subscribers to easily access their lottery accounts.
The Chinese lottery market is experiencing strong growth. Total
lottery sales in Mainland China reached US$55.8 billion during the first 11 months of
2014, an increase of 24.1 percent compared to the year-prior
period.
About XcelMobility, Inc.
XcelMobility is a leading online lottery service provider in
China. The company aggregates and
processes lottery purchase orders from registered user accounts and
derive revenues from service fees paid by provincial sports lottery
administration centers for the purchase orders of welfare and
sports lottery products. We offer a comprehensive and integrated
suite of online lottery services, information, user tools and
virtual community venues to our users. We focus on China's burgeoning mobile market of well over
1 Billion Users.
Notice Regarding Forward-Looking Statements
This news
release contains "forward-looking statements" as that term is
defined in Section 27A of the United States Securities Act of 1933,
as amended and Section 21E of the Securities Exchange Act of 1934,
as amended. Statements in this press release which are not purely
historical are forward-looking statements and include any
statements regarding beliefs, plans, expectations or intentions
regarding the future. Such forward-looking statements include,
among other things, the development of new business opportunities,
zero operational impact and projected costs, future operations,
revenue, profits, gross margins and results of operations. Actual
results could differ from those projected in any forward-looking
statements due to numerous factors. Such factors include, among
others, the inherent uncertainties associated with new projects and
development stage companies. These forward-looking statements are
made as of the date of this news release, and we assume no
obligation to update the forward-looking statements, or to update
the reasons why actual results could differ from those projected in
the forward-looking statements. Although we believe that any
beliefs, plans, expectations and intentions contained in this press
release are reasonable, there can be no assurance that any such
beliefs, plans, expectations or intentions will prove to be
accurate. Investors should consult all of the information set forth
herein and should also refer to the risk factors disclosure
outlined in our annual report on Form 10-K for the most recent
fiscal year, our quarterly reports on Form 10-Q and other periodic
reports filed from time-to-time with the Securities and Exchange
Commission.
Company Contact:
Ronald Strauss
Executive Chairman
(650) 320-1728
Email
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SOURCE XcelMobility, Inc.