PALO ALTO, Calif., May 18, 2015 /PRNewswire/ -- XcelMobility, Inc. (OTCBB: XCLL), a leading online lottery service provider, today updates investors on lottery business market in China.
In January of this year the Company announced the strategic decision to focus the company on its online lottery opportunity. The company is proud to announce that we have completed the transition and we are now expanding our facilities and services to keep up with the demand in China. The company is now fully operational to meet the needs of online lottery players in China. Our lottery business expansion included these important changes and additions:
- Completing our move into new and larger facilities to allow the lottery group to grow rapidly without worry of disruptions. The new facility is located in the Central Business District of Shenzhen China in the heart of the very modern Futian business district.
- The Company has launched a new and updated corporate website. www.xcelmobility.com to better reflect the new lottery business direction of the company.
- The company has launched a new online lottery portal allowing for lottery players to quickly and easily administer lottery accounts and purchase lottery products.
- Numerous experienced gaming professionals were added to help grow the lottery business.
- The company is adding third party distribution partners in all regions of China.
- The company recently announced an important marketing partnership with China Mobile to make it easy for customers to buy lottery products and collect lottery winnings.
Xcelmobility's mobile lottery business is now fully operational and is servicing mobile lottery customers in China. We have begun to generate revenues from lottery services and we expect to see a rapid growth in service revenue in the second half of the calendar year. The Company's CEO Ryan Ge comments "The Xcelmobility team has worked hard to make this important transition to the lottery market. We are happy to see things fully operational so that we can grow quickly in this lucrative and high growth market. Our recent partnership with China Mobile gives us great credibility with lottery players. Having strong and trusted partners is an important ingredient for lottery business success in China."
The Ministry of Finance announced that 2014 was another record year for lottery business growth. Total lottery sales in 2014 came to US $61.5 Billion, up 23.6% from 2013's total.
About XcelMobility, Inc.
XcelMobility is a leading online lottery service provider in China. The company aggregates and processes lottery purchase orders from registered user accounts and derive revenues from service fees paid by provincial sports lottery administration centers for the purchase orders of welfare and sports lottery products. We focus on China's burgeoning online lottery market of well over 300 Million Users and growth rates of over 23% per year.
Contact phone: (858) 886-7237
Phone Number- (650)320-1728
Contact: Ronald Strauss
2225 East Bayshore Rd.
Palo Alto, CA 94303
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. 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.
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SOURCE XcelMobility, Inc.