X-Change Corporation (OTCQB: XCHC) announced today that closing is set for Tuesday, August 14, 2012 on its contract to acquire Guardian Telecom. X-Change Corporation will finalize the closing of the transaction tomorrow with the completion of the audit and all terms to be complied with. X-Change Corporation will pay ONE MILLION ($1,000,000.00) cash and One Million Restricted Shares of its common stocks and a three-year note on the balance of the Three MILLION ($3,000,000.00) Dollar purchase price. X-Change Corporation will draw on a credit line from a shareholder for the $1,000,000.00 down payment. The acquisition of Guardian Telecom, Inc. will expand X-Change Corporation’s product line and services in developmental and operation of wells on leases, and the servicing of drilling and workover rigs.
Guardian Telecom, Inc. is a leader in the design and manufacture of industrial communication equipment for oil and gas companies for on and off-shore rigs, oil refineries, mining, nuclear and power facilities worldwide. Guardian Telecom has recently expanded its markets into the petrochemical, chemical and manufacturing facilities. Guardian Telecom, Inc. 2011 revenues were FIVE MILLION EIGHT HUNDRED THOUSAND ($5,800,000.00) and the company is projected to exceed revenues of EIGHT MILLION ($8,000,000.00) for 2012 based on sales figures for the first two quarters of the current year. Guardian has manufacturing facilities in Calgary, Canada and has sales and technical support offices in the United States, UAE and Dubai. Guardian currently has 100 plus employees.
About X-Change Corporation
X-Change Corporation is building interests in a broad range of oil and gas projects worldwide. The Company is an independent energy company engaged in the production, development, acquisition, exploitation and exploration of crude oil and natural gas.
About Guardian Telecom, Inc.
Guardian Telecom, Inc., based out of Calgary, Canada is the leader in the design and manufacturer of industrial communications equipment largely for the oil and gas, refinery, petrochemical, chemical, mining, nuclear and power facilities. Guardian’s Explosion Proof products and components are designed to provide communications in Class 1 Division 1 and Class 2 Division 1 areas deemed to be hazardous due to the presence of flammable gasses, vapors, dust or fibers.
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