X-Change Corporation Forms Subsidiary Targeting RFID in the Oil & Gas Industry
Seeks Possible Acquisition Candidates to Support Energy Technology Initiative
DALLAS, June 18 /PRNewswire-FirstCall/ -- The X-Change Corporation (OTC Bulletin Board: XCHC) today announced that it has formed a new subsidiary that will focus on growing radio frequency identification (RFID) opportunities in the oil and gas industry, primarily in exploration, drilling and production. To support this effort, the company will be seeking technology and possible acquisition candidates to supplement the RFID technologies and applications that are being developed and pilot tested by its AirGATE Technologies subsidiary. While AirGATE Technologies is primarily focused on developing RFID applications that serve the global supply chain, driven primarily by mandates from Wal-Mart and the Department of Defense, including initiatives from epcGlobal, the standards body serving the RFID industry, the new subsidiary will focus exclusively on the oil and gas industry. "We have noticed unique RFID applications beginning to emerge in the petroleum industry, outside of the obvious asset tracking," stated Michael Sheriff, CEO of the X-Change Corporation. "For example, down-hole pressure and temperature recording, device triggering and instrument monitoring are areas of exploration and production that call for remote data transmissions that could be delivered by a specialized RFID application. The oil industry has always been a private club, and its technology is very specialized. We felt it best to establish a separate organization to target the needs of oil and gas producers." 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. 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. AirGATE Technologies is a wholly owned subsidiary of the X-Change Corporation. 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 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 Carl Thompson, Principal, email@example.com, both of CTA Public Relations, +1-303-665-4200, for X-Change Corporation.
SOURCE X-Change Corporation
Browse our custom packages or build your own to meet your unique communications needs.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.