REDWOOD CITY, CA--(Marketwire - Dec 6, 2012) - XcelMobility Inc. (OTCBB: XCLL) ("Xcel" or the "Company"), a leading developer of mobile internet products and services including high speed mobility browsing and location based service (LBS) solutions, is pleased to announce the receipt of grant funding from the Shenzhen Ministry of Economic Trade and Information Technology.
The RMB 600,000 grant was provided largely due to the Company's commitment to innovation and dedication to success as exemplified by the products and services currently available as well as those still in development that are directly related to the advancement and modernization of the internet industry.
Ryan Ge, CEO of XcelMobility, states, "The Ministry's funding is an extraordinary validation of our efforts to-date. We are very pleased by the support and whereas previous investments allowed us to advance our technology, this unexpected funding will be slated to immediately aid us in bringing our products and services to market more quickly through the addition of key personnel in our sales and marketing department. At this juncture in our growth, we have proven our technology, and are now driven to excel at sales. We are in the process of signing new distribution agreements with our channel partners and this investment is going to ramp up our plans much faster than we would otherwise be able to achieve. We want to thank the Ministry for their support and look forward to a long and fruitful relationship with them."
As part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934, further details of the Company's business, finances, appointments and agreements are filed with the Securities and Exchange Commission's ("SEC") EDGAR database. For more information visit: www.xcelmobility.com.
About XcelMobility Inc. (OTCBB: XCLL)
XcelMobility is a US based company focused on the research, development and commercialization of technologies for mobile internet users. The Company develops innovative products which considerably enhance the internet performance of smartphones, tablets and netbooks when connected to cellular carriers. Due to the vast size of the mobile market in Asia and the inherent propensity to connect to the internet using mobile devices, XcelMobility believes that shareholder value is best served by focusing commercialization efforts in the Asian marketplace prior to a product roll out on a global scale. For more information visit: www.xcelmobility.com.
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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.