UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report: August 16, 2010
The X-Change Corporation
(Exact name of small business issuer as specified in its charter)
Commission File Number: 002-41703
Nevada 90-0156146
(State of incorporation) (IRS Employer ID Number)
12655 North Central Expressway, Suite 1000 Dallas TX 75243
(Address of principal executive offices) (Zip Code)
(972) 386-7350
(Registrant's telephone number)
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:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR230.425)
[ ] 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 8.01 - OTHER EVENTS
REVERSE STOCK SPLIT
As initially reported in the Quarterly Report on Form 10-Q for the quarter ended
June 30, 2010, as filed on August 12, 2010, The X-Change Corporation's (Company)
Board of Directors declared a 1-for-20 reverse split of the Company's issued and
outstanding common stock.
On August 6, 2010, the Company was notified by FINRA Operations that the reverse
split would be effective on August 9, 2010. The reverse stock split was
implemented by adjusting the stockholders' book entry accounts to reflect the
number of shares held by each stockholder following the split. No fractional
shares were issued in connection with the reverse stock split and any fractional
shares resulting from the reverse split were rounded up to the nearest whole
share. The reverse stock split reduced the number of the Company's issued and
outstanding shares of common stock from 136,089,746 to 5,513,000. Additionally,
the authorized-to-be issued number of the Company's preferred shares and common
shares were reduced from 75,000,000 to 3,750,000 and from 750,000,000 to
37,500,000, respectively. There was no change in the stated par value of $0.001
per share on either the preferred stock or common stock of the Company.
Effective June 1, 2010, FINRA Operations will no longer change a Company's
symbol for entities that are requesting a name change. In the event that an
entity is doing a reverse or forward split, a "D" will be placed on the ticker
symbol for 20 business days. After 20 business days, "D" will be dropped and the
symbol will revert back to its original format.
PROSPECTIVE ACQUISITION
On August 16, 2010, The X-Change Corporation (Company) announced the pending
acquisition of IPTV World, a company based in Los Angeles with hosting
facilities in the famous One Wilshire carrier hotel. This acquisition is subject
to the execution of a definitive agreement and the completion of appropriate due
diligence by all parties.
As previously announced on March 11, 2010, the Company intends to offer original
and licensed video content that entertains and interests the communities it
serves, delivering programming to Internet-connected set-top boxes that the
company will sell or rent to its subscribers. The name "IPTV World" is derived
from the acronym of Internet Protocol Television, essentially, the delivery of
live programming, time-shifted programming, and video on demand. The Verizon
FiOS(R) product is an example of IPTV, which is delivered through Verizon's
private IP network. Our management is of the opinion that IPTV is a fast-growing
segment of the market for at home television programming market, with an
anticipated growth rate from an approximate $12 billion market in 2009 to an
anticipated $38 billion market in 2013.
Management believes that it has identified underserved domestic markets that
represent significant opportunities for this service along with complementary
goods and services. These markets may not be large enough to attract the
attention of large service providers; however, the targeted populations that the
Company has identified in the US are substantial in number, largely homogeneous,
and have the belief that there is a lack of culturally meaningful programming in
their preferred languages.
ITEM 9.01 - FINANCIAL STATEMENTS AND EXHIBITS
Exhibit No. Description of Exhibit
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99.1 August 16, 2010 Press Release
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 thereunto duly authorized.
THE X-CHANGE CORPORATION
Dated: August 19, 2010 By: /s/ Haviland Wright
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Haviland Wright
Chief Executive Officer and
Acting Chief Financial Officer
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