DALLAS, July 14 /PRNewswire-FirstCall/ -- The X-Change Corporation's
(OTC Bulletin Board: XCHC) OIL ID Systems, Inc., subsidiary has acquired a
producing oil lease in East Texas.
The Bolton lease, located in Gregg County, Texas, near Longview, currently
produces 10 barrels of oil per day (BOPD) but had been neglected by the
previous operator and is being worked over to increase production to its
former steady levels of 40 BOPD. OIL ID Systems, Inc. has an option to
purchase an additional 125 BOPD from PRL Oil Company, Inc., whose principals
are partners with OIL ID Systems.
"We are very happy with the synergies coming to us through our involvement
with RFID initiatives in the oil and gas industry," said Michael Sheriff, CEO
of the X-Change Corporation. "While our focus is on developing RFID
technology, products, and applications, we are pleased that this attractive
opportunity to generate immediate revenues and cash flow was made available to
Demand for radio frequency identification solutions by energy producers
and oil field service companies led X-Change to create Oil ID Systems as a
compliment to its wholly owned subsidiary, AirGATE Technologies, Inc.
Radio Frequency Identification is a technology that employs miniature
radio transmitters in conjunction with microprocessors that can be utilized to
track oil movement and migration and will be a valuable tool in assessing and
identifying producing oil & gas formations prior to fracturing. RFID
technologies can also be employed to keep track of movement and utilization of
expensive oil field equipment. The level of demand for RFID systems in
producing oil fields around the world is on the rise, and OIL ID Systems will
assist AirGATE Technologies in developing applications and aggressively
capturing market share within this growing RFID market niche.
About OIL ID Systems, Inc.
OIL ID Systems, Inc. is an independent oil & gas exploration and
production company with headquarters in Dallas, Texas. The principals
involved in the company have 25 years of experience in the marketing of and
exploration for petroleum products and services. OIL ID Systems, Inc. is a
wholly owned subsidiary of the X-Change Corporation.
About AirGATE Technologies
AirGATE Technologies is a development stage company specializing in
wireless data management technologies. The company designs and develops
applications utilized in RFID deployments. AirGATE will deliver RFID
solutions in selected vertical markets built around a data management and
integration strategy based on its Matrix Analytic Engine. This strategy is
designed to ensure rapid market penetration and maximum return on investment.
AirGATE Technologies is a wholly owned subsidiary of the X-Change Corporation.
Please visit www.AirGATEtech.com for more information.
About the X-Change Corporation
The X-Change Corporation is a company that was organized to seek merger or
acquisition candidates. The Company intends to acquire interests in emerging
technology opportunities, such as RFID, that the Company believes will
generate significant revenues and return a profit to shareholders. Please
visit www.x-changecorp.com for further information.
Except for historical information contained herein, the statements made in
this release constitute forward-looking statements (including within the
meaning of Section 27A of the United States Securities Act of 1933 and Section
21E of the United States Securities Exchange Act of 1934). Such
forward-looking statements are based on current expectations that are subject
to significant risks and uncertainties that are difficult to predict,
including statements regarding the intent, belief or current expectations of
the X-Change Corporation, AirGATE Technologies, OIL ID Systems and their
respective managements regarding strategic directions, prospects and future
results. These forward-looking statements include, among other things,
statements regarding future events and the future financial performance of the
X-Change Corporation that involve risks and uncertainties. Readers are
cautioned that these forward-looking statements are only predictions and may
differ materially from actual future events or results. Readers are referred
to the documents filed by the X-Change Corporation, which are on file with the
U.S. Securities and Exchange Commission and may be accessed at
http://www.sec.gov or the X-Change Corporation's investor relations web page
at http://www.x-changecorp.com/index.html, and specifically the most recent
reports on Form 10-K and 10-Q, each as it may be amended from time to time,
which identify important risk factors that could cause actual results to
differ from those contained in the forward-looking statements. The X-Change
Corporation disclaims any obligation to update or correct any forward-looking
statements made herein due to the occurrence of events after the issuance of
this press release.
For further information, please contact Bevo Beaven, Vice President,
email@example.com, or Cheryl Swanson, Media Relations Representative,
Cheryl@ctapr.com, both of CTA Public Relations, +1-303-665-4200, for X-Change
SOURCE X-Change Corporation