DALLAS, Feb. 13, 2013 /PRNewswire/ -- The X-Change Corporation (NASDAQ OTC: XCHC) (X-Change Corp. or the Company), a U.S. boutique company whose niche is cannabis and hemp based extracts and products that target medical cannabis, cosmeceutical, nutraceutical, and social usage solutions through multiple Phytiva Brand product lines and solutions, is proud to announce it has entered into a historic agreement with WOLASTOKWIK NeGoot-Gook, Maliseet Nation at Tobique (the "Maliseet Nation") of New Brunswick, Canada, to participate in the development and growth of a legal cannabis growing facility, clinical laboratory, manufacturing and production facility, and treatment center (the "Agreement").
The Agreement allows for legal cannabis and hemp-based medical research and treatments with true global significance, as the operations under the Agreement facilitate medical cannabis and hemp research, clinical trials, and treatments, among numerous other opportunities for the parties to the Agreement, for the first time in North America. And these historical groundbreaking operations, including medical treatments, will be open to the citizens of the world in a legal manner. The sovereignty of the Maliseet Nation allows this venture to accomplish its goals of helping patients while being legally compliant.
The Agreement was effectuated by the Company's purchase of the twenty-five percent (25%) stake in a joint venture from Cannabis Science, Inc. (NASDAQ OTC: CBIS). Details of the Company's stock-based asset purchase will be released in a Form 8K to be filed promptly.
X-Change Corp.'s agreement with the Maliseet Nation provides the parties with unprecedented opportunities to develop a model that the Company can replicate around the world from cannabis growth, to clinical research and development, production, and medical treatment of patients with a wide range of conditions believed to be effectively treatable with cannabis extract based formulations. As the parties work to successfully realize the terms of the Agreement, the Company and the other parties will have the opportunity to develop additional clinics, laboratories, production facilities, and hospitals.
It is contemplated by the parties that from working to fulfill the goals of the Agreement will come the development and discovery of medicines and modalities to be pursued for approval with the FDA and other similar governmental bodies.
There are also positive implications with regard to establishing a global network of resources needed to finally solidify a global cannabis and hemp seed-to-treatment model that can be accepted as the industry standard. In pursuit of that goal, the facilities and services in the Agreement will initially target the Canadian market as well as that of the United States with marketing to North American and then international travelers who have a desire to participate in cannabis-based medical treatments with full legal compliance.
Internal estimates calculate that over 30 million people in the United States and over 100 million globally have the potential to be clients and patients over the next five years. Since a wide range of ailments has been targeted, the market potential is in the hundreds of millions of dollars over the next five to ten years.
"The only thing bigger than this opportunity is my smile," stated Robert Kane, President, X-Change Corp. "It is so very important to establish these types of facilities for those who are suffering needlessly. Further, this exciting venture as envisioned by the Agreement allows for the scientific gathering of data and clinical information to support efforts to silence critics and persuade governments with indisputable evidence of the medical value of these facilities and their treatments."
X-Change Corp.'s Phytiva Brand of products will also be marketable through the channels described in the Agreement, promising strong sales growth for these novel and innovative hemp-based skincare and other products.
About The X-Change Corporation
X-Change Corp. is U.S. Boutique Company whose niche is cannabis and hemp based extracts and products that target medical cannabis, cosmeceutical, nutraceutical, and social usage solutions through multiple Phytiva Brand product lines, products, and services. The Company issues a stronger outlook for 2013 based on new Phytiva Brand product lines for the Medical Cannabis Industry as a whole. These new Phytiva product lines will be launched with Cannabis based formulations through Medical Cannabis dispensaries, Cannabis laboratories, and individual legal state or legal foreign grow operations on a jurisdiction by jurisdiction approved basis.
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 and products. X-Change Corp. does not undertake any duty nor does it intend to update the results of these forward-looking statements.
SOURCE X-Change Corp.