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.