XCHC - X-Change Corp. Revenue up Sharply in 2006 4/9/2007
DALLAS, Apr 09, 2007 (BUSINESS WIRE) -- X-Change Corporation (OTCBB: XCHC) today announced that, for the year ended December 31, 2006, the company achieved revenue of $1,154,573, a 279 percent increase on revenue of $414,203 for the year ended 2005. Net Operating Income increased to $829,620 from $255,337 for year ended 2005, a 325 percent increase.
General and administrative (G&A) expenses grew from 50 percent of revenues in 2005 compared to 58 percent of revenue in 2006 in support of the revenue growth. Complete results, including earnings, are available in the Company's recently filed 10K.
"We are encouraged by our year end results," said Michael L. Sheriff, chairman and CEO of X-Change Corporation. "We expect revenues to increase in 2007 as a result of additional development contract-related revenue, pilot project revenue from potential customers and recurring revenue from royalty and other agreements."
About X-Change Corporation
X-Change Corporation, through its wholly-owned subsidiary, AirGATE Technologies, Inc. is a leader in unique, vertical market applications utilizing RFID and wireless, intelligent sensor technology. AirGATE Technologies, a full-solution company, handles business assessment, technology selection, including proprietary AirGATE technology, integration and support. The Company has, in an environment of technology cost compression, built a stable of technology partners that are best in class and span a wide range of solutions to support small, medium and large enterprises. Please visit www.airgatetech.com or www.x-changecorp.com for further information.
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 need to raise capital, our dependence on strategic relationships with key suppliers and customers, our business model's dependence on widespread acceptance of 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 such as our ability to raise the full $6 million dollars to complete our private placement in one or more additional closings. 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.x-changecorp.com/index.html, 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.
SOURCE: X-Change Corporation
X-Change Corporation Michael L. Sheriff, Chief Executive Officer, 972-747-0051 or Eisenberg Communications Rick Eisenberg, 212-496-6828
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