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XcelMobility Concludes Exclusive Indonesian Supply Contract With ZTE Corp.Company Signs Second Supply Agreement With World's 3rd Largest Telco OEM (April 30, 2012)
REDWOOD CITY, CA -- (Marketwire) -- 04/30/12 -- XcelMobility Inc. (OTCBB: XCLL) ("Xcel" or the "Company") a developer of high speed web browsing solutions and related performance enhancing products for mobile devices is pleased to announce it has successfully concluded an exclusive agreement with telecommunications giant ZTE (www.zte.com.cn/en) with the signing of a contract to introduce Xcel's flagship Mach 5 Xcelerator to the huge and growing mobility market in Indonesia.
The agreement provides that Xcelmobility will be the exclusive supplier of high speed USB modems for ZTE for sale in Indonesia. The initial order is for a minimum of 100,000 units with additional orders anticipated to follow once the initial test market is completed. Indonesia is a nation of over 237 million people, marking Xcel's entry into the fourth most populous nation on the planet after the United States.
Xcel has previously contracted with ZTE to manufacture the devices for China Unicom, the third largest mobile provider in the world. Based on the preliminary success of the product release in China, ZTE is developing plans to make the Mach 5 enhanced devices available in other key markets.
ZTE Corporation is a leading global provider and Original Equipment Manufacturer ("OEM") of telecommunications equipment and network solutions. Founded in 1985, it is China's largest publicly listed telecom equipment company. ZTE has the industry's most comprehensive product range of end-to-end solutions covering virtually every telecommunications sector including wireless, access & bearer, VAS, terminals and professional services. The company's expertise in these areas allows it to satisfy the demands of global operators and assist them in their pursuit of innovation. ZTE delivers its high-quality, cost-effective products and services to over 500 operators in more than 140 countries around the globe.
Xcel CEO, Ryan Ge, comments, "We are very pleased to make this key announcement. It's a significant milestone agreement for Xcel on two fronts as it further strengthens our relationship with ZTE and opens up a massive and important market for the Company."
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.
Notice Regarding Forward-Looking Statements
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.
On Behalf of the Board,
Ryan Ge, Director,
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