The X-Change Corporation Closes on Second $1.8 Million Tranche of $3.6 Million Financing

2008-07-15 07:00:00

DALLAS–(EMWNews)–The X-Change Corporation (OTCBB: XCHC), through its wholly owned

subsidiary, AirGATE Technologies, Inc., announced today it has closed on

the second $1.8 million tranche of the $3.6 million financing

commitment. In exchange for this $1.8 million, the Company issued

promissory notes, convertible into the Company’s common stock at $0.07

per share, and common stock warrants. The first $1.8 million tranche was

received based upon the Company’s achievement of a delivery milestone

for a down-hole tool for measuring length, direction and other

characteristics of down-hole fractures and formations. The closing of

the second $1.8 million financing tranche is for the development and

production of SAW (Surface Acoustic Wave) technology for tagging above

and below ground oil and gas assets and general corporate use.

The transaction with Samson Investment Company, Ironman PI Fund (QP), LP

and John Thomas Bridge and Opportunity Fund enables the Company to

expand AirGATE Technologies’ sales and operations in order to fulfill

its existing and new contracts and to meet the growing demand for

AirGATE’s products and services. The funding also increases AirGATE’s

presence in the oil and gas industry as AirGATE delivers its down-hole

system for tagging drill pipe and other additional oil and gas

applications.

About X-Change Corporation

X-Change Corporation, through its wholly owned subsidiary, AirGATE

Technologies, Inc. is a leading end-to-end solution-based company

specialized in designing, manufacturing and commercializing applicable

wireless and other technologies delivering to the oil and gas industry.

AirGATE supports small, medium and large enterprises. Please visit www.airgatetech.com

for further information.

About Samson Investment Company

Samson Investment Company is a privately held exploration and production

company headquartered in Tulsa, Oklahoma, U.S.A. with International and

Offshore Divisions located in Houston, Texas. Samson Investment Company

is one of the top 20 independent exploration and production companies

based in the United States, with current operations in the United States

and Canada.

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, including our ability to continue to

raise capital, our dependence on strategic relationships with key

suppliers and customers, our business model’s dependence on widespread

acceptance of wireless and RFID technology, our ability to develop

recurring revenue streams and the competitiveness of the market in which

we compete. These forward-looking statements include statements

regarding the intent, belief or current expectations of the X-Change

Corporation, AirGATE Technologies and their respective managements

regarding strategic directions, prospects, future events and future

results. 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.airgatetech.com/x-change/,

and specifically the most recent reports on Form 10-K and 10-Q, each as

it may be amended from time to time. The X-Change Corporation disclaims

any obligation to update or correct any forward-looking statements made

herein.

X-Change Corporation
Kathleen Hanafan, 972-747-0051
Marketing

and Public Relations

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