HOUSTON, Dec. 13, 2012 /PRNewswire/ -- 4C Tech Holdings, Inc. announced today the termination of the purchase agreement with X-Change Corporation (OTCQB: XCHC).
4C Tech holdings entered into a purchase agreement with X-Change Corporation to purchase all of the outstanding shares of Guardian Telecom, Inc. in exchange for the sum of three million five hundred thousand dollars ($3,500,000) and one million shares of the common stock of X-Change Corporation.
X-Change Corporation was in default of its payments obligations under the purchase agreement. On October 11, 2012 X-Change Corporation was notified in writing of its default of the prepayment terms of the thirty day promissory note for $250,000.00. On November 15, 2012 a written notification was given to X-Change Corporation regarding failure to meet its prepayment obligations set forth in the second promissory note in the amount of $750,000.00. 4C Tech holdings terminated the purchase agreement with X-Change Corporation on November 30, 2012 for default on its payment obligations under the promissory note obligations set forth in the purchase agreement.
About X-Change Corporation
X-Change Corporation is building interests in a broad range of oil and gas projects worldwide. The Company is an independent energy company engaged in the production, development, acquisition, exploitation and exploration of crude oil and natural gas.
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement containing works such as "anticipate," "seek," intend," "believe," "plan," "estimate," "expect," "project," "plan," or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations
About Guardian Telecom
Guardian Telecom Inc. is a leader in the design and manufacture of industrial communication equipment for oil and gas companies for on and off-shore rigs, oil refineries, mining, nuclear and power facilities worldwide. Guardian is ISO 9001-200 certified and designs, manufactures and distributes globally Industrial Telephones, Hazardous Area & Explosion-Proof Telephones, VoIP Telephones, Accessories, Acoustic Booths and Paging equipment with certifications including: CSA, IC-CS03, UL, FCC, EU ATEX/CE, NEMA, ABS, ACA (Australia), KSA-SASO (Kingdom of Saudi Arabia) and CFT (Mexico). Guardian has manufacturing facilities in Calgary, Canada and has sales and technical support offices in the United States, UAE and Dubai and Mexico. For more information please visit www.guardiantelecom.com.
SOURCE X-Change Corporation