Exhibit 99.1



THE X-CHANGE CORPORATION TERMINATES PRIVATE OFFERING, SEEKS STRATEGIC PARTNER

FRIDAY, New York, NY August 9, 2002 - The X-Change Corporation (OTCBB: XCHC),
which operates an Alternative Trading System (ATS) under the name WEBIXTRADER
for stocks quoted on the Over-the-Counter Bulletin Board (OTCBB), announced
today that its efforts to raise $500,000 in a private offering of subordinated
notes has been unsuccessful and that the offering has been terminated. The
Company said that it intends to continue to operate its System, but has taken
steps to reduce expenses, including terminating employees.

The Company said that several principal shareholders have provided it with funds
to continue operating the WEBIXTRADER System. The Company intends to complete
certain enhancements to WEBIXTRADER and to explore strategic alternatives,
including discussions with joint venture partners and investors.

The Company also announced that it is in default under an agreement between it
and WebIam, Inc. under which WebIam granted the Company a license to the
software underlying the WEBIXTRADER System, along with other software. However,
the Company believes that the default results in the revocation of the license
with an exception allowing the Company to use the software necessary to operate
the WEBIXTRADER System for two years. Accordingly, the Company does not believe
that the default will impair its ability to operate the WEBIXTRADER System. The
Company is in discussions with WebIam to resolve the license issue. Eric Nissan,
who recently resigned from the Company's Board of Directors, is a major
shareholder of WebIam.

The Company said that WEBIXTRADER has been successfully operating since its
launch on July 2, 2002. There are approximately 2,200 OTCBB issues available on
WEBIXTRADER for market makers and brokers to post orders. At the present time,
five market makers and two brokers are participating in the System. To
participate, a broker/dealer must sign a subscriber agreement. Participants are
charged $1.25 per transaction executed.

         This press release may contain forward-looking statements involving
risks and uncertainties. Statements in this press release that are not
historical, including statements regarding management's intentions, beliefs,
expectations, representations, plans or predictions of the future are
forward-looking statements within the meaning of the "safe-harbor" provisions of
the Private Securities Litigation Reform Act of 1995. These risks include, but
are not limited to, fluctuations in financial results, availability and customer
acceptance of products and services, the impact of competitive products,
services and pricing, and general market trends and conditions. For a discussion
of other potential factors that could cause actual results to vary materially
from expectations, reference is made to The X-Change Corporation's annual and
quarterly reports filed with the Securities and Exchange Commission. The
X-Change Corporation does not undertake any obligation to update any
forward-looking statements, whether as a result of new information, future
events or otherwise.


Contact:
Susan Lapczynski, Vice President, 36 W. 44th Street, Suite 1201, New York, NY
10036 Phone 646-728-7023 Fax 646-728-7029.