X-Change Moves Forward Signing Next Multi-Year Contracts with State-Licensed Medical Cannabis Dispensary in Arizona to Develop, Dispense, Infuse, and Cultivate Products for On-Site, Use of 'Medbox' Technology for Fulfillment, and Distribution Expanding to Ten or More Additional Patient-Driven Facilities Within Legal Regulatory Environments Throughout the United States, Offering the Company Multiple Opportunities to Develop and Market Proprietary Cannabinoid Products for Effective Patient Treatment
COLORADO SPRINGS, Colo., Aug. 21, 2013 /PRNewswire/ -- The X-Change Corporation (NASDAQ OTC: XCHC), a U.S. Company specializing in cannabinoid formulation-based health and wellness solutions, is pleased to announce the signing of management agreements with a state licensed Arizona medical cannabis dispensary prepared to launch operations, serving Arizona patients in a matter of weeks. The revenues generated will permit X-Change Corp. to further pursue innovation in patient-beneficial product research and development as the Company fulfills its management role. X-Change Corp. commits to meeting the highest standards in dispensing, cultivation, and infusion services envisioned under the agreements.
Chad S. Johnson, Chief Operating Officer of The X-Change Corporation, said, "The Company is thrilled to be chosen to manage the Arizona dispensary and will constantly strive to provide excellence in researching, producing, offering and dispensing our proprietary cannabinoid products to enhance the quality of life of patients in the state. The benefit and care of patients will always be the driving force behind our operations in Arizona and beyond." Mr. Johnson continued, "Arizona has the most highly regulated, sensible, and forward-thinking medical cannnabis dispensary program to date, and we look forward to bringing our innovative products and services to that market."
Conveniently located near Interstate 10 in Cochise County, adjascent to Tuscon's Pima County, the dispensary will not only market its products on-site to patients using market-leading 'Medbox' technology but also enjoy exclusive access to produce and license its proprietary products and formulations for legal distribution to Arizona's limited number of other licensed dispensaries. As of June 2013, there were 38,782 medical cannabis cardholders in the Arizona patient program. The Company's use of gold standard dispensing systems licensed by Medbox, Inc. will provide significant advantages to the dispensary, patients, and the community, in part due to the system's biometrically controlled and secured dispensing and storage systems.
X-Change Corp. will announce additional operational information and product detail in the coming weeks pertaining to the Arizona dispensary. As previously announced, the Company is also working with Medbox, Inc. to engage in additional management of dispensary and cultivation facilities within legal regulatory environments in various states throughout the country.
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 solutions. X-Change Corp. does not undertake any duty nor does it intend to update the results of these forward-looking statements.
Robert Kane, CFO & Sr Vp of Business Development
SOURCE The X-Change Corporation