Excel Corporation (OTCPK:EXCC) announced that it has entered into subscription agreements for the private placement of 4,600,000 shares of series B convertible preferred stock at a price of $0.05 per share for gross proceeds of $230,000 on March 18, 2016. The transaction included participation from Thomas A. Hyde; Chief Executive Officer of the company and Robert L. Winspear; Chief Financial Officer of the company for 2,300,000 shares each. The preferred shares have a par value of $0.001 per share.

The preferred shares are convertible into common shares of the company on a ratio of one to one, subject to adjustment for stock splits and stock dividends. The preferred shares rank senior to the common shares and other preferred shares and carry a liquidation preference of $.05 per share. The investors are entitled to receive dividends declared on the common shares on an as converted basis.

The company has the right at any time after July 18, 2016 to repurchase and retire all but not less than all of the preferred shares for $0.05 per share provided that it gives notice to the investors.