UNITED STATES
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):
November 10, 2005 (November 4, 2005)
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THE X-CHANGE CORPORATION
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(Exact name of registrant as specified in its charter)
Nevada 002-41703 90-0156146
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(State or other jurisdiction (Commission File (I.R.S. Employer
of incorporation) Number) Identification No.)
100 Allentown Parkway, Suite 110, Allen, Texas 75002
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (972) 747-1206
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (SEE General Instruction A.2 below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.01 ENTRY INTO A MATERIAL AGREEMENT
On November 4, 2005, The X-Change Corporation (the "Company") entered
into a commercial lease agreement (the "Lease") with Armet Bethany Limited
Partnership (the "Landlord") for approximately 11,400 square feet of rentable
area in Bethany Tech Center at 404 West Bethany Drive in Allen, Texas. The space
will serve as the Company's new corporate headquarters. The Company expects to
transition to the new headquarters by January 1, 2006. The lease for the
Company's current corporate headquarters at 100 Allentown Parkway, Suite 110 in
Allen, Texas will expire in accordance with its terms on December 31, 2005.
The term of the Lease is 62 months commencing on November 1, 2005 and
ending on December 31, 2010. The Company has no option to extend the Lease. The
base rent under the Lease is as follows: November 1, 2005 to November 30, 2005:
$0; December 1, 2005 to December 31, 2005: $6,650; January 1, 2006 to December
31, 2006: $7,600 per month; and January 1, 2007 to December 31, 2010: $8,075 per
month. In addition to base rent, the Company will be responsible for certain
costs and expenses specified in the Lease, including, without limitation,
certain utility, HVAC service, insurance, maintenance, repair, tax, insurance
and CAM (common area maintenance) costs and expenses.
The foregoing is a summary description of certain terms of the Lease.
It is qualified in its entirety by the text of the Lease attached as Exhibit
10.5 to this Current Report on Form 8-K and incorporated herein by reference.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) See Exhibit Index
SIGNATURE
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 thereunto duly authorized.
Date: November 10, 2005
THE X-CHANGE CORPORATION
By: /s/ Michael L. Sheriff
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Michael L. Sheriff
President and Chief Executive Officer
INDEX TO EXHIBITS
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Exhibit
Number Description
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10.5 Commercial Lease Agreement dated November 4, 2005, between
The X-Change Corporation and Armet Bethany Limited Partnership