COLORADO SPRINGS, Colo., Sept. 6, 2013 /PRNewswire/ -- The X-Change Corporation (NASDAQ OTC: XCHC), a U.S. Company specializing primarily in cannabinoid formulation-based health and wellness solutions, is pleased to announce that the Company's Board of Directors has carefully considered and affirmatively decided to change the name of the Company. The company share structure will remain the same, as there will be no consolidation or share split in this corporate action. The new Brand name will be announced next week and will better position the Company in the global medical cannabis market.
The new Company name will serve as the enhanced brand and refined image to be used in conjunction with all of its activities, products, and services. Dispensary owners will be licensed to use the Company's brands and formulations for retail distribution through licensing agreements.
Through the current Medbox agreement, the Company expects to enter into ten additional management agreements with the owners of dispensary and cultivation operations in the states of Arizona, California, Illinois, Massachusetts, Nevada, and Washington State. Building on the new Company name, this brand will also serve as the primary name of international subsidiaries and their operations globally, for products already set for release, for various new products and services under study or development, and for worldwide website and social media modalities.
Specifically, initial regulatory steps to effectuate the name change have begun in order to maximize the branding of the Company's launch of its Arizona dispensary management and of its management operations pursuant to the agreement with Medbox, Inc. regarding legal medical cannabis dispensary and cultivation facilities around the country.
"We are very excited about the upcoming corporate name change. The Company's branding is a critical component in our messaging and will provide an enhanced platform for the important work that the Company is undertaking for the benefit of science, solutions for patients, and the integrity of the markets," stated Robert Kane, CFO and Senior Vice President for Business Development of XCHC. Mr. Kane continued, "We expect to announce the new name and branding campaign next week."
About The X-Change Corporation
The X-Change Corporation is currently developing new natural cannabinoid containing products based on innovative formulations to utilize the unique and potent benefits of the cannabis and hemp plants. Medicinal properties of cannabis and hemp have been known and applied for thousands of years. With the aid of scientific research, The X-Change Corporation is translating such knowledge into development of effective cannabinoid formulation-based health and wellness solutions as well as cosmeceutical, nutraceutical, and food brands throughout the world. The Company's health and wellness, nutritional, and cosmetics lines will address personal needs and will evolve with the introduction of new formulations and products, advancing the Company within the expanding multibillion-dollar global market.
Forward Looking Statements
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 regarding the use and development of cannabis-based drugs. X-Change Corp. does not undertake any duty nor does it intend to update the results of these forward-looking statements.
CFO, Sr VP of Business Development
SOURCE The X-Change Corporation