AirGATE Reaches Agreement with AGM Telecom to Provide Inmate Identification Technology.DALLAS -- AirGATE Technologies, Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of the X-Change Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :XCHC), has reached an agreement in principal with AGM AGM annual general meeting AGM n abbr (= annual general meeting) → AG f AGM n abbr (= annual general meeting) → JHV f Telecom to provide its inmate identification technology for use in an AGM correctional institution Noun 1. correctional institution - a penal institution maintained by the government detention camp, detention home, detention house, house of detention - an institution where juvenile offenders can be held temporarily (usually under the supervision of a juvenile telephone systems. Founded in 2003, AGM Telecom is a telephony service provider A telephony service provider, as defined in Microsoft's TAPI specification, is a software interface to a physical telephony device (such as a modem) that can be accessed programmatically to perform actions such as dialing a phone number or logging a call. designed for correctional institutions that offers complete end-to-end calling solutions. The technology is developed exclusively for the correction facilities market. Driven by the leadership of its experienced management team to focus on the basics of providing quality services, AGM supports correctional institutions for inmate calls including specialized call processing, fraud control and validation, automated clearinghouse, pre-paid and direct billing direct billing Managed care The submission of bills for services rendered–eg lab work directly to the party–ie Pt or financially responsible third party–insurance company, for whom the service was performed, rather than to the physician who ordered the test services as well as a user friendly interface. AGM Telecom's goal is to provide correctional facilities with easy and flexible functionality, value and quality services to maximize the effectiveness and efficiency of inmate calling. The agreement calls for a ninety-day test in a correctional facility in Texas or Oklahoma, at the discretion of AGM. AirGATE will provide radio frequency identification See RFID. (RFID (Radio Frequency IDentification) A data collection technology that uses electronic tags for storing data. The tag, also known as an "electronic label," "transponder" or "code plate," is made up of an RFID chip attached to an antenna. ) enabled wristbands and will integrate its RFID scanner within the AGM telephone. The scanner reads the inmate identification from the inmate wristband wristband An identifying bracelet attached to a Pt's wrist at the time of admission to a health care facility, which may be the only identifier used during a person's stay in a hospital . It can be used with or without a personal identification number (PIN), and is suitable for both collect and debit card debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. calls. At the successful conclusion of this test period, AirGATE will grant AGM an exclusive license on the technology for a period of one year, which may be extended. AirGATE will receive 5 cents per phone call for use of its technology. Inmates make over 1,000,000 phone calls per day in correctional institutions throughout the US. About AirGATE Technologies AirGATE Technologies, Inc. is an early-stage company specializing in radio frequency identification (RFID) and wireless, intelligent, sensor technology. As a full-solution company, AirGATE Technologies handles business assessment, process and technology blending, solution architecture, technology selection, including proprietary AirGATE technology, and integration and support. The Company has, in an environment of technology cost compression, built a stable of technology partners that are best in class and span a wide range of solutions to support small, medium and large enterprises. Please visit http://www.AirGATEtech.com for more information. 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 opportunities that the Company believes will generate significant revenues and return a profit to shareholders. Please visit http://www.x-changecorp.com for further information. Forward-Looking Statements Except for historical information contained herein, the statements made in this release constitute forward-looking statements (including within the meaning of Section 27A of the United States Securities Act of 1933 and Section 21E of the United States Securities Exchange Act of 1934). Such forward-looking statements are based on current expectations that are subject to significant risks and uncertainties that are difficult to predict, including statements regarding the intent, belief or current expectations of the X-Change Corporation, AirGATE Technologies and their respective managements regarding strategic directions, prospects and future results. These forward-looking statements include, among other things, statements regarding future events and the future financial performance of the X-Change Corporation that involve risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results. Readers are referred to the documents filed by the X-Change Corporation, which are on file with the U.S. Securities and Exchange Commission and may be accessed at http://www.sec.gov or the X-Change Corporation's investor relations Investor relations The process by which the corporation communicates with its investors. web page at http://www.x-changecorp.com/index.html, and specifically the most recent reports on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and 10-Q, each as it may be amended from time to time, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The X-Change Corporation disclaims any obligation to update or correct any forward-looking statements made herein due to the occurrence of events after the issuance of this press release. |
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