March 31, 2010 (FinancialWire) — XcelPlus Global Holdings, Inc. (OTC: XPGH), amanufacturer and distributor of industrial biofuels, said it has reached an agreement and is finalizing terms to purchase biofuel feedstock from Agri-Source Biofuel in Dade City, Florida, and Higher Ground Energy Solutions Inc. in northwest Alabama.

In a statement, the company said it expects that the terms of these agreements will “add favorable economics," with the locations of the supplying facilities enabling XcelPlus to reduce transportation costs.

Recently hired XcelPlus CFO Charles Blackmon said, "We continue to make good progress toward issuing audited financial statements for 2009, and expect to do so in the near future.”

Alabama-based XcelPlus Global began operations in 2009. The company claims it develops and produces federally compliant biomass-based renewable fuels for light, medium and heavy industries.

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