SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 26, 2002
The X-Change Corporation
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(Exact name of registrant as specified in its charter)
Nevada 0-41703 43-1594165
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
36 West 44th Street, Suite 1201, New York, New York 10036
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (646) 728-7023
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
c) Exhibits.
EXHIBIT NUMBER DESCRIPTION
99.1 Press release dated January 6, 2003 announcing the cessation
of operations of WEBIXTRADER.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
The X-Change Corporation
By: /s/ William F. Frank
Title: Chief Executive Officer
Date: January 6, 2003
EXHIBIT 99.1
X-CHANGE CORPORATION ANNOUNCES CLOSURE OF ALTERNATIVE TRADING SYSTEM
New York, NY, January 7, 2003: The X-Change Corporation (OTCBB: XCHC.OB)
announced that its WEBIXTRADER alternative trading system for over the counter
equities ceased operations on December 26, 2002. The system has not generated
any volume, and its continued operation represented a financial drain on the
company, according to president and CEO William F. Frank.
As previously announced, all assets relating to WEBIXTRADER, including the
company's right to use the technology underlying the system, will be transferred
to X-Change Technologies Corp., which will no longer be a subsidiary of the
company, under a Securities Repurchase Agreement dated as of December 23, 2002
between the company, X-Change Technologies Corp. and two separate groups of the
company's shareholders. The closing under the Securities Repurchase Agreement is
subject to various conditions, including execution of the agreement by some of
the stockholders of the company and approval of the agreement by the company's
stockholders as a group.
FORWARD LOOKING INFORMATION
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 and uncertainties 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: William Frank (646) 728-7023