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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
</FONT><FONT STYLE="font-size: 10pt">Washington, D.C. 20549</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 2.7pt; text-decoration: underline; text-align: center">FORM
8-K</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CURRENT REPORT</B></P>

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<B>Pursuant to Section&nbsp;13 OR 15(d)&nbsp;of the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (Date of earliest event reported):
<B>January&nbsp;26, 2012</B></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 2.7pt; text-decoration: underline; text-align: center"><B>Commission
File Number: <FONT STYLE="font-size: 10pt">333-173702</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Excel Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.0in">(Exact name of registrant
as specified in its charter)</P>

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    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><B>Delaware</B></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">333-173702</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><B>27-3955524</B></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(State of incorporation)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Commission File Number)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(I.R.S. Employer)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Identification No.)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><B>1384 Broadway, 17th Floor, New York, NY</B></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">10018</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Zip Code)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>212-921-2000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Not Applicable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Former name, former address and former fiscal
year, if changed since last report)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>___________________</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box below if the Form&nbsp;8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):</P>

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<TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD></TR></TABLE>

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<TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR></TABLE>

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<P STYLE="font: 10pt Wingdings; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>TABLE OF CONTENTS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="width: 15%; text-align: justify">Item 1.01.</TD>
    <TD STYLE="width: 80%; text-align: justify">Entry into a Material Definitive Agreement</TD>
    <TD STYLE="width: 5%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="text-align: justify">Item 2.01.</TD>
    <TD STYLE="text-align: justify">Completion of Acquisition or Disposition of Assets</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <TD STYLE="width: 15%; text-align: justify">Item 3.02</TD>
    <TD STYLE="width: 80%; text-align: justify">Unregistered Sales of Equity Securities</TD>
    <TD STYLE="width: 5%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCFFCC">
    <TD STYLE="text-align: justify">Item 9.01</TD>
    <TD STYLE="text-align: justify">Financial Statements and Exhibits</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 1.01.</B><FONT STYLE="color: black; letter-spacing: 27pt">&nbsp;</FONT><B>Entry
into a Material Definitive Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 23, 2012, Excel Corp.&rsquo;s (the
&ldquo;Company&rdquo;) wholly-owned subsidiary, XLFashions, Inc. (&ldquo;XL&rdquo;) entered into an assignment agreement (the &ldquo;Agreement&rdquo;)
with Orix Venture Finance LLC (&ldquo;Orix&rdquo;). Pursuant to the Agreement, XL acquired from Orix an approximate $3.4 million
principal amount senior secured loan (the &ldquo;Loan&rdquo;) and a warrant (the &ldquo;Warrant&rdquo;) to purchase 65,168 Class
A Preferred Units of eFashion Solutions, LLC, a New Jersey Limited Liability Company (&ldquo;eFashion&rdquo;). Orix was eFashion&rsquo;s
senior secured lender, and the Loan is secured by all of the assets of eFashion. As part of the transaction, Orix also assigned
a registration rights agreement to XL, which requires eFashion to register the securities underlying the Warrant under certain
conditions. The purchase price paid by XL for the Loan, Warrant and related rights was $1,050,000, less a deposit of $20,120 that
was received by Orix between January 17, 2012 and January 22, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The funds utilized for the acquisition were
raised by XL from the sale of 9,608,412 shares of its Preferred Stock (the &ldquo;Shares&rdquo;), at a price of $.1379 per Share.
The Shares will convert on a 1 for 1 basis for shares of common stock of the Company upon the closing of the acquisition of eFashion,
if such acquisition closes. The Loan is secured by all of the assets of eFashion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">About eFashion Solutions, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">eFashion Solutions, LLC was founded in 2000
to provide e-commerce and Flash sales capabilities as a service to branded fashion designers &amp; manufacturers. eFashion has
invested in building a technical &amp; logistical infrastructure coupled with workflow process and merchandising intelligence systems
focused to scaling the e-commerce operations of third party web stores and creating a unique marketing platform for driving incremental
sales to client's websites.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 2.01.</B><FONT STYLE="color: black; letter-spacing: 27pt">&nbsp;</FONT><B>Completion
of Acquisition or Disposition of Assets.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The information pertaining to the acquisition
of the Loan on January 23, 2012 in Item 1.01 of this report is incorporated herein by reference in its entirety&nbsp;in response
to this Item 2.01.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item&nbsp;3.02 Unregistered Sale of Equity
Securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The information pertaining to the sale of the
Shares on January 23, 2012 in Item 1.01 of this report is incorporated herein by reference in its entirety&nbsp;in response to
this Item 3.02.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The issuance of the Shares described above
was not registered under the Securities Act of 1933. The issuance of the Shares was exempt from registration, pursuant to Section
4(2) of the Securities Act of 1933 and Regulation&nbsp;D and Rule&nbsp;506 promulgated thereunder. These securities qualified for
exemption since the issuance of securities by XL did not involve a public offering and the purchasers are all accredited investors
as defined in Regulation&nbsp;D. The offering was not a &ldquo;public offering&rdquo; as defined in Section&nbsp;4(2) due to the
insubstantial number of persons involved in the sale, size of the offering, manner of the offering and number of securities offered.
In addition, these shareholders have the necessary investment intent as required by Section&nbsp;4(2) since each agreed to and
will receive share certificates bearing a legend stating that such securities are restricted pursuant to Rule&nbsp;144 of the 1933
Securities Act. This restriction ensures that these securities would not be immediately redistributed into the market and therefore
not be part of a &ldquo;public offering.&rdquo; Based on an analysis of the above factors, XL has met the requirements to qualify
for exemption under Section&nbsp;4(2) of the Securities Act and Regulation&nbsp;D for this transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-left: 0; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 105px; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Exhibit Number</TD>
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">4.1</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Warrant to purchase 65,168 Class A preferred Units of eFashion Solutions, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">10.1</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Assignment Agreement by and between ORIX Venture Finance LLC and XL Fashions, Inc., dated January 23, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">10.2</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Mutual Release by and between eFashion Solutions, LLC and ORIX Venture Finance LLC dated January 23, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">10.3</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Debt Subordination Agreement in favor of ORIX Venture Finance LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">10.4</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Loan and Security Agreement between ORIX Venture Finance LLC and eFashion Solutions, LLC dated April 18, 2008</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">10.5</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amendment to Loan Documents dated March 9, 2009 between ORIX Venture Finance LLC and eFashion Solutions, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">10.6</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amendment to Loan Documents dated December 30, 2010 between ORIX Venture Finance LLC and eFashion Solutions, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">10.7</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amendment to Loan Documents dated April 1, 2010 between ORIX Venture Finance LLC and eFashion Solutions, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">10.8</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amendment to Loan Documents dated April 21, 2011 between ORIX Venture Finance LLC and eFashion Solutions, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">10.9</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Amendment to Loan Documents dated June 14, 2011 between ORIX Venture Finance LLC and eFashion Solutions, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">99.1</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Press Release Excel Corp. Announces Purchase of eFashion Solutions, LLC Senior Secured Note</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.</FONT></P>

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    <TD COLSPAN="2"><B>EXCEL CORPORATION&nbsp;</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><B>&nbsp;Date:</B> &#9;January 27, 2012</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%"><B>By:&nbsp;</B></TD>
    <TD STYLE="vertical-align: top; width: 46%"><B>/s/ Ruben Azrak</B></TD></TR>
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    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">Ruben Azrak</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">Chief Executive Officer</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">(Principal Executive Officer)</FONT></P>
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{"company-data": {"conformed-name": "Excel Corp", "cik": "0001512890", "assigned-sic": "6794", "irs-number": "273955524", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-173702", "film-number": "12552667"}, "business-address": {"street1": "1384 BROADWAY", "city": "NEW YORK", "state": "NY", "zip": "10018", "phone": "212-391-4600"}, "mail-address": {"street1": "1384 BROADWAY", "city": "NEW YORK", "state": "NY", "zip": "10018"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
January 26, 2012
Commission
File Number:
333-173702
Excel Corporation
(Exact name of registrant
as specified in its charter)
Delaware
333-173702
27-3955524
(State of incorporation)
(Commission File Number)
(I.R.S. Employer)
Identification No.)
1384 Broadway, 17th Floor, New York, NY
10018
(Address of principal executive offices)
(Zip Code)
212-921-2000
(Registrant's telephone number, including
area code)
Not Applicable
(Former name, former address and former fiscal
year, if changed since last report)
___________________
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
TABLE OF CONTENTS
Item 1.01.
Entry into a Material Definitive Agreement
Item 2.01.
Completion of Acquisition or Disposition of Assets
Item 3.02
Unregistered Sales of Equity Securities
Item 9.01
Financial Statements and Exhibits
Item 1.01.
Entry
into a Material Definitive Agreement.
On January 23, 2012, Excel Corp.'s (the
"Company") wholly-owned subsidiary, XLFashions, Inc. ("XL") entered into an assignment agreement (the "Agreement")
with Orix Venture Finance LLC ("Orix"). Pursuant to the Agreement, XL acquired from Orix an approximate $3.4 million
principal amount senior secured loan (the "Loan") and a warrant (the "Warrant") to purchase 65,168 Class
A Preferred Units of eFashion Solutions, LLC, a New Jersey Limited Liability Company ("eFashion"). Orix was eFashion's
senior secured lender, and the Loan is secured by all of the assets of eFashion. As part of the transaction, Orix also assigned
a registration rights agreement to XL, which requires eFashion to register the securities underlying the Warrant under certain
conditions. The purchase price paid by XL for the Loan, Warrant and related rights was $1,050,000, less a deposit of $20,120 that
was received by Orix between January 17, 2012 and January 22, 2012.
The funds utilized for the acquisition were
raised by XL from the sale of 9,608,412 shares of its Preferred Stock (the "Shares"), at a price of $.1379 per Share.
The Shares will convert on a 1 for 1 basis for shares of common stock of the Company upon the closing of the acquisition of eFashion,
if such acquisition closes. The Loan is secured by all of the assets of eFashion.
About eFashion Solutions, LLC
eFashion Solutions, LLC was founded in 2000
to provide e-commerce and Flash sales capabilities as a service to branded fashion designers & manufacturers. eFashion has
invested in building a technical & logistical infrastructure coupled with workflow process and merchandising intelligence systems
focused to scaling the e-commerce operations of third party web stores and creating a unique marketing platform for driving incremental
sales to client's websites.
Item 2.01.
Completion
of Acquisition or Disposition of Assets.
The information pertaining to the acquisition
of the Loan on January 23, 2012 in Item 1.01 of this report is incorporated herein by reference in its entirety in response
to this Item 2.01.
Item 3.02 Unregistered Sale of Equity
Securities.
The information pertaining to the sale of the
Shares on January 23, 2012 in Item 1.01 of this report is incorporated herein by reference in its entirety in response to
this Item 3.02.
The issuance of the Shares described above
was not registered under the Securities Act of 1933. The issuance of the Shares was exempt from registration, pursuant to Section
4(2) of the Securities Act of 1933 and Regulation D and Rule 506 promulgated thereunder. These securities qualified for
exemption since the issuance of securities by XL did not involve a public offering and the purchasers are all accredited investors
as defined in Regulation D. The offering was not a "public offering" as defined in Section 4(2) due to the
insubstantial number of persons involved in the sale, size of the offering, manner of the offering and number of securities offered.
In addition, these shareholders have the necessary investment intent as required by Section 4(2) since each agreed to and
will receive share certificates bearing a legend stating that such securities are restricted pursuant to Rule 144 of the 1933
Securities Act. This restriction ensures that these securities would not be immediately redistributed into the market and therefore
not be part of a "public offering." Based on an analysis of the above factors, XL has met the requirements to qualify
for exemption under Section 4(2) of the Securities Act and Regulation D for this transaction.
Item 9.01                      Financial
Statements and Exhibits.
(d)           Exhibits
Exhibit Number
Description
4.1
Warrant to purchase 65,168 Class A preferred Units of eFashion Solutions, LLC
10.1
Assignment Agreement by and between ORIX Venture Finance LLC and XL Fashions, Inc., dated January 23, 2012
10.2
Mutual Release by and between eFashion Solutions, LLC and ORIX Venture Finance LLC dated January 23, 2012
10.3
Debt Subordination Agreement in favor of ORIX Venture Finance LLC
10.4
Loan and Security Agreement between ORIX Venture Finance LLC and eFashion Solutions, LLC dated April 18, 2008
10.5
Amendment to Loan Documents dated March 9, 2009 between ORIX Venture Finance LLC and eFashion Solutions, LLC
10.6
Amendment to Loan Documents dated December 30, 2010 between ORIX Venture Finance LLC and eFashion Solutions, LLC
10.7
Amendment to Loan Documents dated April 1, 2010 between ORIX Venture Finance LLC and eFashion Solutions, LLC
10.8
Amendment to Loan Documents dated April 21, 2011 between ORIX Venture Finance LLC and eFashion Solutions, LLC
10.9
Amendment to Loan Documents dated June 14, 2011 between ORIX Venture Finance LLC and eFashion Solutions, LLC
99.1
Press Release Excel Corp. Announces Purchase of eFashion Solutions, LLC Senior Secured Note
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
EXCEL CORPORATION
Date:
January 27, 2012
By:
/s/ Ruben Azrak
Ruben Azrak
Chief Executive Officer
(Principal Executive Officer)