To support this effort, the company will be seeking technology and possible acquisition candidates to supplement the RFID technologies and applications that are being developed and pilot tested by its AirGATE Technologies subsidiary. While AirGATE Technologies is primarily focused on developing RFID applications that serve the global supply chain, driven primarily by mandates from Wal-Mart and the Department of Defense, including initiatives from epcGlobal, the standards body serving the RFID industry, the new subsidiary will focus exclusively on the oil and gas industry.
"We have noticed unique RFID applications beginning to emerge in the petroleum industry, outside of the obvious asset tracking," stated Michael Sheriff, CEO of the X-Change Corporation. "For example, down-hole pressure and temperature recording, device triggering and instrument monitoring are areas of exploration and production that call for remote data transmissions that could be delivered by a specialized RFID application. The oil industry has always been a private club, and its technology is very specialized. We felt it best to establish a separate organization to target the needs of oil and gas producers."
About AirGATE Technologies
AirGATE Technologies is a development stage company specializing in wireless data management technologies. The company designs and develops applications utilized in RFID deployments. AirGATE will deliver RFID solutions in selected vertical markets built around a data management and integration strategy based on its Matrix Analytic Engine. This strategy is designed to ensure rapid market penetration and maximum return on investment.
About the X-Change Corporation
The X-Change Corporation is a company that was organized to seek merger or acquisition candidates. The Company intends to acquire interests in emerging technology opportunities, such as RFID, that the Company believes will generate significant revenues and return a profit to shareholders. AirGATE Technologies is a wholly owned subsidiary of the X-Change Corporation.
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