Xcelerate Inc. (OTCPK:XCRT) entered into a letter of intent to acquire an unknown majority stake in ESN Group, Inc. on January 17, 2023. On April 12, 2023, Xcelerate entered into a binding agreement to acquire a controlling interest in ESN Group, Inc. and its? portfolio of health care and skin care products.

The agreement calls for payment of $0.35 million cash, the issuance of restricted Xcelerate stock, assumption of debt and employment agreements for key staff. The acquisition is expected to close no later than June 30, 2023.