Xcelerate, Inc. announced that it has signed a Definitive Memorandum of Understanding with HS Pharmaceuticals, LLC of Greenville, SC defining the terms under which Xcelerate, Inc. will acquire 100% of the membership interests in HS Pharmaceuticals, LLC as well as a 51% interest in HS Cosmetics, Inc.
MAULDIN, S.C., Aug. 26, 2021 /PRNewswire/ -- Xcelerate, Inc. (OTC pink sheets: “XCRT”) today announced that it has signed a Definitive Memorandum of Understanding with HS Pharmaceuticals, LLC of Greenville, SC defining the terms under which Xcelerate, Inc. will acquire 100% of the membership interests in HS Pharmaceuticals, LLC as well as a 51% interest in HS Cosmetics, Inc.
The DMOU calls for the drafting and signing of an Acquisition Agreement with a pre-determined valuation of HS Pharmaceuticals as well as the raising of capital sufficient to progress the development of HS Pharmaceuticals IP and to fulfill the expansion of the current HS Cosmetics marketing plan launched in April of 2021.
“Since the announcement of a letter of intent with HS Pharmaceuticals in May, the teams at Xcelerate and HS have been working to define the terms that have resulted in this DMOU and were able to agreement with the assistance of our advisors at Network1 Financial who will be working with us going forward in our capital raising efforts” said Michael O’Shea, Xcelerate CEO.”
“Xcelerate remains focused on joining early-stage medical technology companies in a setting of controlled clinical care where these new developments can be trialed, tested and applied,” said O’Shea.
For more information, please visit www.xcelerate.global.
Media contact: Justin Baronoff 561-750-9800; justin@transmediagroup.com.
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SOURCE Xcelerate, Inc.
Company Codes: OTC-PINK:XCRT
