TOPPING, Va., Dec. 10, 2009 (GLOBE NEWSWIRE) -- XcelPlus International (Pink Sheets:XLPI) announces that the board of directors for the corporation is undergoing some restructuring. Jon Chynoweth has stepped down as chairman of the board, along with 5 other members of the board of directors as of November 30th, 2009.
XcelPlus is diligently working on assembling a new board of directors to move the company forward. This should be accomplished by early 2010.
One of the corporate goals is to repurchase the majority of outstanding shares in an attempt to bring our market back into line with our existing business model.
XcelPlus has been taking steps to bring the Lubrilon line of products to the retail sector through two major automotive retailers. This will provide some necessary national market exposure for our Lubrilon products, which up till now have mostly been available only online at xcelplus.com.
To support the transition into the retail sector, XcelPlus is also funding several television commercials to be broadcast through Google TV Ads and their partnerships with Dish Network, Bloomberg TV, and NBC Universal. This provides us with a broader market penetration to help promote sales for our retail partners.
XcelPlus has intently been working to bring this all to fruition and we wish to sincerely thank the previous members of the board that helped the corporation succeed to this point and we wish them all the best in their future endeavors.
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties, including, without limitation, the ability to obtain financing and regulatory and shareholder approval for anticipated actions.