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, firstname.lastname@example.org, 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