Xcelerate Inc. (OTCPK:XCRT) acquired a 51% stake in California Skin Research, Inc. from subscribing for shares and purchasing shares from two of the former principals on July 24, 2023. In another transaction Xcelerate Inc. acquired a 51% stake in ESN Group. The combined aggregate cost of these acquisitions was approximately $463,000. The company utilized its available cash, as well as loans from our management and principal shareholders, to fund these acquisitions. On a consolidated basis, the ESN Group generated gross revenues of approximately $2.7 million during the fiscal year ended December 31, 2022, with a net loss of approximately $130,000. The former principal shareholders of the ESN Group have each retained a minority interest in both entities.

Xcelerate Inc. (OTCPK:XCRT) completed the acquisition of a 51% stake in California Skin Research, Inc. from subscribing for shares and purchasing shares from two of the former principals on July 24, 2023.