As previously announced, Xalles plans to complete its audits, the process to become fully SEC reporting, and submit its Quotation Board (OTCQB) uplist application in sequence. While there were delays in late 2018 with those activities, the key milestones are now planned to be completed within the third quarter of 2019.
In tandem with those corporate reporting related activities, the company is currently in the planning and negotiation stages to secure debt financing and initiate a new Regulation A (Reg A) equity offering. We expect those financing agreements to be completed this month, with the equity submission requiring a SEC review and approval to offer new registered shares of the company to happen during the third quarter.
Xalles is pleased to also report that the company is engaged in negotiations to acquire new technology that could enhance our X2X system offerings. The design for the new version of X2X, our core solution platform that supports our Investment & Financing System (“IFS”) and Financial Transaction Reconciliation (“FTR”) services is almost completed. The system, which is designed on a Distributed Ledger Technology ( DLT ) Blockchain infrastructure, will be enhanced through state-of-the-art authentication and controls technology, and when completed, will offer a world class solution for corporations, government agencies and investment funds to process critical investment and commerce transactions.
The Xalles team plans to utilize some of the fundraising proceeds for completing the development of the new X2X system and implementing it with new customers through its IFS and FTR applications.
“We are entering what is potentially the most active and exciting quarter in our company’s history,” stated Thomas Nash, Xalles Holdings CEO . He added, “We have a motivated team to complete the administrative, systems development, and deal making activities that are all running in parallel and should all yield great results for the company in Q3 and beyond.”
The company would like all shareholders to know that Xalles Holdings , including all its subsidiaries’ directors, officers and employees have restricted shares only. The company currently has no free trading shares (shares in the float) that are owned by insiders or affiliates, which helps all staff focus on the key activities outlined above to build a stronger business for the future.