4C Tech Holdings, Inc. Terminates Purchase Agreement With X-Change
Corporation
HOUSTON, Dec. 13, 2012 /PRNewswire/ -- 4C Tech Holdings,
Inc. announced today the termination of the purchase agreement with
X-Change Corporation (OTCQB: XCHC).
4C Tech holdings entered into a purchase agreement with X-Change
Corporation to purchase all of the outstanding shares of Guardian
Telecom, Inc. in exchange for the sum of three million five hundred
thousand dollars ($3,500,000) and one
million shares of the common stock of X-Change Corporation.
X-Change Corporation was in default of its payments obligations
under the purchase agreement. On October 11,
2012 X-Change Corporation was notified in writing of its
default of the prepayment terms of the thirty day promissory note
for $250,000.00. On November 15, 2012 a written notification was
given to X-Change Corporation regarding failure to meet its
prepayment obligations set forth in the second promissory note in
the amount of $750,000.00. 4C Tech
holdings terminated the purchase agreement with X-Change
Corporation on November 30, 2012 for
default on its payment obligations under the promissory note
obligations set forth in the purchase agreement.
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.
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
About Guardian Telecom
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 is ISO 9001-200 certified and
designs, manufactures and distributes globally Industrial
Telephones, Hazardous Area & Explosion-Proof Telephones, VoIP
Telephones, Accessories, Acoustic Booths and Paging equipment with
certifications including: CSA, IC-CS03, UL, FCC, EU ATEX/CE, NEMA,
ABS, ACA (Australia), KSA-SASO
(Kingdom of Saudi Arabia) and CFT
(Mexico). Guardian has
manufacturing facilities in Calgary,
Canada and has sales and technical support offices in
the United States, UAE and
Dubai and Mexico. For more information please visit
www.guardiantelecom.com.
Media contact:
Guardian Telecom
Calgary office:
investorrelations@guardiantelecom.ab.ca
403-258-3100 ext.172
SOURCE X-Change Corporation