DALLAS, Feb. 19, 2013 /PRNewswire/ -- The X-Change Corporation (NASDAQ OTC: XCHC) (X-Change Corp. or the Company), a patient based U.S. company targeting critical and non-critical ailments through the use of cannabis and hemp based formulations, extracts and products through multiple Phytiva Brand product lines and solutions is very pleased to announce significant progress in its ground breaking partnership with the Maliseet Nation in New Brunswick Eastern Canada.
WOLASTOKWIK NeGoot-Gook, Maliseet Nation at Tobique (the "Maliseet Nation") of New Brunswick, Canada, executed the first historic steps in the creation of the legal cannabis growing facility, clinical laboratory, manufacturing and production facility, and treatment center which compose the hospital pursuant to their agreement with XCHC announced February 13, 2013 (the "Agreement"). Counselor Gerald Bear, announced Friday, has retired as Councilor of the Maliseet Nation, and Councilor Paul Pyers is representing the Maliseet Nation in this partnership.
Retired Maliseet Counselor Gerald Bear will represent XCHC through his recent appointment. The group has been working diligently to prepare these initial steps. Together throughout the next days and weeks will finalize the details for the execution and delivery of each Phase in the proposed 5 Phase Project.
The Maliseet Nation has allocated 500 to 1000 acres of its reserve land for the project in the Agreement. The team has initially indicated a 5-Phase project spanning several years for full development and build out of the complete compound. Approximately 50 acres will be used for the location of the hospital facilities, laboratory, organic production facilities, treatment center, and multiple-unit accommodation campus for patients. Further, initial cannabis grow operations will be implemented immediately with approximately 10 acres with a full potential of at least 300 acres for cannabis and 100 acres for hemp, as demand for medicines and treatments increase.
Under agreements with New Brunswick, Canada, and relevant court decisions, the Maliseet Nation has special rights to these valuable resources in an on-going manner. Critical cost-savings for all of Maliseet Nation development under the Agreement is effectuated through no-cost provincial electricity and construction wood arrangements with the Canadian Government. Therefore, the cost of constructing buildings and fostering successful grows will be substantially reduced, increasing dramatically the overall return-on-investment of the operations under the Agreement.
Phase 1 is estimated to be a 5,000 square-foot, all encompassing and expansion-friendly facility will house the primary non-grow spaces of the operation. The parties intend to construct a hospital with state-of-the-art treatment and clinical wings connected to reception, lounge, kitchen, restaurant, retail, and dietary-advice spaces. With both short and long-term patients under treatment, there will also be several individual cabins for patients who need to remain on the premises for longer-term care. As demand increases, all of these physical facilities will be expanded. The primary, one-story facility will be carefully planned so that outside walls of each significant area of the building, such as the treatment and clinical spaces, may be removed, and those areas expanded at minimal cost and without disruption. In addition, more cabins will be constructed as the need arises.
As the Maliseet Nation has a history of the use of natural remedies, the parties to the Agreement will be studying the expansion of X-Change Corp.'s Phytiva Brand of products. These and other natural OTC remedies will be marketed for retail sales.
"X-Change Corp. truly sees its Agreement with the Maliseet Nation as a ground-breaking and lucrative vehicle to bring real and inexpensive medicines and treatments to people in need. We expect tremendous success from the Company's participation that will lead to still other opportunities with sovereign nations that have the economic and compassionate foresight demonstrated by the Maliseet," said Robert Kane, President of X-Change Corp.
About the Maliseet JV
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.
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.
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. 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 Corporation