EXHIBIT NO. 99.1
The X-Change Corporation
File No. 002-41703
Form 8-K
Report date: October 11, 2010
PRESS RELEASE
FOR IMMEDIATE RELEASE
THE X-CHANGE CORPORATION ANNOUNCES ACQUISITION OF 21-CENTURY SILICON, INC.
Dallas, Texas - October 7, 2010. The X-Change Corporation (OTC:XCHC.pk) today
announced that it has signed an agreement to acquire 21-Century Silicon, Inc.,
based in Richardson, TX. The terms of the acquisition will involve a change in
control of the Company and the appointment of new directors. X-Change will issue
20,000,000 shares of restricted stock to the shareholders of 21-Century Silicon
in exchange for 100 percent of the stock of 21-Century Silicon.
X-Change further announces that it was unable to conclude a definitive agreement
in the previously announced acquisitions of Genesis Key, Inc., Cybertel USA, and
IPTV World, and will not be acquiring these companies.
21-Century Silicon (www.21-centurysilicon.com) manufactures high-purity silicon
for the photovoltaics/solar-energy industry. The company's core manufacturing
technology is based upon a proprietary furnace design that achieves solar-grade
polysilicon manufacturing at half the cost of conventional methods. Combined
with its patent-pending methods, 21-Century Silicon's manufacturing process is a
revolution within the industry and will position the company as a major player
within the solar supply chain.
Known in the industry as 6N Silicon, the company's product meets the
specifications of photovoltaic supply companies. In contrast to its competition,
the company manufactures silicon at a low cost, with minimal production time,
and with virtually no environmental hazards. The company is focused on meeting
the supply needs of the solar industry while maintaining its environmentally
friendly manufacturing process.
21-Century Silicon's technology was developed in 2005 by Dr. H. Bruce Li, and
the company was formed in 2006. Investments in the company include $3.5 million
awarded by the Texas Emerging Technology Fund. In March 5, 2009, the company
closed on $5.8 million in a second round of funding and is now preparing for a
third round estimated to be $5 million. The use of proceeds will be to scale
operations to a total of six furnaces, each producing 200 tons of solar-grade
silicon by the end of 2011.
Chairman/CEO Peter Mei, a senior member of IEEE, followed a 15-year career in
corporate research and development at Texas Instruments with service as
technical marketing vice president for leading semiconductor supplier GlobiTech.
Founder, President, and Chief Technology Officer, H. Bruce Li, Ph.D. PE,
received the B.S. in chemical engineering from National Taiwan University and
the M.S. and Ph.D. in physics from Oklahoma State University. With a background
in chemistry, physics, colloidal material, semiconductor process, fuel cell
process and structure, and nuclear engineering, Dr. Li founded 21Century Silicon
after 16 years at Texas Instruments.
About The X-Change Corporation
The X-Change Corporation is a publicly traded company. In March, 2010,
X-Change began a restart after a period of dormancy. Management believes
that the new direction indicated by the acquisition of 21-Century Silicon,
Inc., will better serve the Company's shareholders.
Forward-Looking Statements
This Press Release includes forward-looking statements. A statement
containing works such as "anticipate," "seek," intend," "believe," "plan,"
"estimate," "expect," "project," "plan," or similar phrases may be deemed
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Some or all of the events or results
anticipated by these forward-looking statements may not occur. The X-Change
Corporation does not undertake any duty nor does it intend to update the
results of these forward-looking statements.
Contact Information
Haviland Wright, President & CEO
Email: info@xchccorp.com
Tel: 1 (310) 916-9263
Web: www.xchccorp.com
Source: The X-Change Corporation