Excel Corporation (OTCMKTS:EXCC) Files An 8-K Other Events
The Initial Form 8-K erroneously stated that the Prior Action was
effected via a written consent (the Consent) of the majority of
the voting interests of the Companys common stock. Such consent
was actually signed by holders of the Companys common and
preferred stock. Holders of the Companys preferred stock were
prohibited from taking the Prior Action under an existing
stockholder agreement. Deducting the votes of the holders of the
preferred stock from the holders executing the Consent, the Prior
Action did not receive a vote of holders constituting a majority
of the Companys voting common stock. As a result, (i) the Prior
Action was not duly effected under the Companys bylaws and (ii)
the filing of the Initial Form 8-K was erroneous.
About Excel Corporation (OTCMKTS:EXCC)
Excel Corporation sells integrated financial and transaction processing services to small and medium sized businesses throughout the United States. The Company provides these services through its subsidiary, eVance Processing Inc. (eVance). Through its eVance subsidiary, the Company provides an integrated suite of third-party merchant payment processing services and related proprietary software enabling products that deliver credit and debit card-based Internet payments processing solutions to small and mid-sized merchants operating in physical brick and mortar business environments, on the Internet and in retail settings requiring both wired and wireless mobile payment solutions. It also operates as a wholesale Independent Sales Organization (ISO), generating individual merchant processing contracts in exchange for future residual payments.