Radio Frequency Identification Developer Finds Oil Revenues Attractive

    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
 us."
     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.
 
     Forward-Looking Statements
     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,
 bevo@ctapr.com, or Cheryl Swanson, Media Relations Representative,
 Cheryl@ctapr.com, both of CTA Public Relations, +1-303-665-4200, for X-Change
 Corporation.
 
 

SOURCE X-Change Corporation

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.