SOURCE: XcelMobility Inc.

XcelMobility Inc.

April 24, 2014 09:20 ET

XcelMobility Inc. Provides Fiscal 2013 Year End Financial Results

FY2013 Year End Revenue Exceeds Projections With a 903% Increase From FY2012

REDWOOD CITY, CA--(Marketwired - Apr 24, 2014) -  XcelMobility, Inc. (OTCQB: XCLL) (OTCBB: XCLL) ("Xcel" or the "Company"), a leading wearable computing device development and marketing company, is pleased to announce the financial results of its 2013 fiscal year ending December 31, 2013.

Revenue for the year ended December 31, 2013 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. Its 50+ team of video solutions engineers was successfully merged with Xcel's cloud connected LBS Services division in 2013 to enhance and expand the opportunity for Xcel to deliver the industry's most advanced cloud connected wearable computing solutions for the security markets.

Gross profit for the year ended December 31, 2013 was $2,287,260, an increase of $2,027,807 or 781.6% from $259,453 for fiscal 2012. 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.

Founder and Executive Chairman of XcelMobility, Mr. Ronald Strauss, stated, "2013 was a transition year for the Company. We successfully integrated our recent, strategic acquisition of Jifu Technology and, together, we launched the Companion cloud-connected wearable computing solution, initially targeted at the large public and private security markets. We are looking forward to continued growth in 2014 as we grow revenues in both our existing products and our newly launched Companion wearable computing platform."

About XcelMobility, Inc.
XcelMobility is combining wearable computing devices, location based technologies, and cloud computing to become a leading developer of mobile internet products and services, specifically focused on China's burgeoning mobile market of well over 1 Billion users. The Company has recently reorganized into two divisions:

1. Wearable Computing Group -The Wearable Computing team develops and markets industry leading wearable computing devices and software. The group has recently launched CCwatch targeted at the security market.

2. Video and Security Group - The Video and Security team delivers location and video enhanced security systems for public and private security forces in China. It is building next generation security and surveillance systems that combine wearable computing, location based services and cloud based advanced video solutions.

In a Juniper Research whitepaper (October 2013) Juniper forecasted that the retail revenue from smart wearable devices, including smartwatches and glasses, will reach $19 billion by 2018. Through the Company's deep relationships with China's leading mobile operators and OEMs, and its ability to develop the most advanced wearable computing devices and software applications, it is rapidly securing a leadership position in China's wearable computing market. For more information visit: www.xcelmobility.com, https://www.facebook.com/pages/Xcelmobility-Inc/275827129230531https://twitter.com/xcelmobility

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.

Contact Information

  • Investor Relations Contact:
    Stanley Wunderlich
    Consulting for Strategic Growth 1 Ltd.
    Tel: 800-625-2236 ext. 7770
    Email:
    info@cfsg1.com