XcelPlus Completes Formation of XcelPlus Asia Pacific
XcelPlus International Inc. (PINK SHEETS:XLPI) (www.xcelplus.com) today announced that it has successfully completed the formation of its planned joint venture operation in Southeast Asia. XcelPlus International Asia Pacific Pte. Ltd. (Asia Pacific) in Singapore will distribute and market various XcelPlus products throughout Southeast Asia, with an initial focus on Indonesia, Thailand and Singapore.
The new company is 60% owned by XcelPlus International Inc. following the acquisition by Asia Pacific of two companies in Singapore and Thailand that specialize in the distribution and marketing of automotive products. Francis Jeow and Nitiphan Uawithya, owners of the two companies, now serve as managing director and deputy managing director, respectively, of Asia Pacific. The new company already has secured a facility in Bangkok for product bottling and packaging operations. Officials of Asia Pacific are currently formalizing product distribution agreements with various retailers, dealers, service stations and other entities involved in the maintenance, servicing and repair of motorbikes, autos and trucks.
"The formation of XcelPlus Asia Pacific provides us with direct access to the huge Southeast Asia market and will be instrumental in helping us achieve our planned goal of $4 million to $5 million in international sales in 2006," said XcelPlus President and Chief Executive officer Billy R. Smith. "Francis Jeow and Nitiphan Uawithya have developed extensive distribution networks for the sale of lubricants and other related auto products, and I believe they will be very successful in establishing XcelPlus products in key distribution channels throughout Southeast Asia."
XcelPlus International Inc. is a specialty chemicals and lubricants company focusing on the wholesale/retail distribution and sales of proprietary products that provide permanent protection and improved performance of engines and other major components in cars, trucks, vans, RVs, motorcycles, aircraft, boats, agricultural and lawn equipment, snowmobiles and
ATVs, military equipment and other types of gas- or diesel-powered vehicles. XcelPlus International Inc. is a publicly-held company (OTC:XLPI) incorporated in New York with executive offices in Saluda, Va. For more information, visit the company's website at www.xcelplus.com.
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