COLORADO SPRINGS, Colo., Aug. 20, 2013 /PRNewswire/ — The X-Change Corporation (NASDAQ OTC: XCHC), a U.S. Company specializing in cannabinoid formulation-based health and wellness solutions, entered into a multi-year, strategic growth agreement with Medicine Dispensing Systems, a wholly owned subsidiary of Medbox, Inc., a publicly traded company, to provide its scientific and clinical expertise for ten medical cannabis dispensaries and cultivation facilities in the states of Arizona, California, Illinois, Massachusetts, Nevada, and Washington State.
This milestone agreement provides X-Change Corp with the real opportunity to develop premiere branding and to introduce the Company’s proprietary cannabinoid-based products and formulations within each state’s regulatory framework.
Dr. Dorothy Bray, President of X-Change Corporation, stated, “This agreement will allow X-Change Corp to introduce much needed scientific research and improved clinical management into dispensaries to benefit patients. Medbox represents the gold standard in pharmaceutical and alternative medication dispensing and will help us to employ best-in-industry practices and improve our focus on clinical management aspects, accompanied by the scientific documentation and research to monitor clinical progress of patients. Our novel approach position will set us even further apart from our competitors.”
Under the agreement, as a part of each dispensary build-out, X-Change Corp will brand the operations with a new image and employ a market-exclusive use of the patented Medbox system. Medbox technology and software allows for biometric patient and employee identification, internal documentation and tracking of dispensing services for internal accounting and compliance purposes, and secure inventory management and control. In its efforts to enter the legal medical cannabis dispensary space, X-Change Corp expects to announce the signing of a significant dispensary management agreement in the very near term.
About The X-Change Corporation
The X-Change Corporation is currently developing new natural cannabinoid containing products based on innovative formulations to utilize the unique and potent benefits of the cannabis and hemp plants. Medicinal properties of cannabis and hemp have been known and applied for thousands of years. With the aid of scientific research, The X-Change Corporation is translating such knowledge into development of effective cannabinoid formulation-based health and wellness solutions as well as cosmeceutical, nutraceutical, and food brands throughout the world. The Company’s health and wellness, nutritional, and cosmetics lines will address personal needs and will evolve with the introduction of new formulations and products, advancing the Company within the expanding multibillion-dollar global market.
Forward Looking Statements
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. 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. Factors that could cause or contribute to such differences include the future U.S. and global economies, the impact of competition, and the Company’s reliance on existing regulations regarding the use and development of cannabis-based drugs. X-Change Corp. does not undertake any duty nor does it intend to update the results of these forward-looking statements.
CFO, Sr Vp of Business Development