HOUSTON--(BUSINESS WIRE)--4C Tech Holdings, Inc. announced today the termination of Agreement to Sell Guardian Telecom Inc. with X-Change Corporation (OTCQB: XCHC).
4C Tech Holdings entered into an agreement with X-Change Corporation, pursuant to which X-Change was to purchase all of the outstanding shares of Guardian Telecom, Inc. in exchange for the sum of three million five hundred thousand dollars ($3,500,000) and one million shares of the common stock of X-Change Corporation.
X-Change Corporation defaulted on its payment obligations under the Purchase Agreement. On October 11, 2012 X-Change Corporation was notified in writing of its default concerning its first payment obligation under a $250,000.00 promissory note. On November 15, 2012, written notification was given to X-Change Corporation regarding its failure to satisfy its payment obligations set forth in the second promissory note in the amount of $750,000.00. 4C Tech Holdings terminated the Purchase Agreement with X-Change Corporation on November 30, 2012 for its default on its payment obligations and material breach.
About Guardian Telecom
Guardian Telecom, Inc is a wholly owned subsidiary of 4C Tech Holdings. Since its inception in 1993, Guardian Telecom Inc. is engaged in design and manufacture of industrial communication equipment for oil and gas companies for on and off-shore rigs, oil refineries, mining, nuclear and power facilities worldwide. Guardian is ISO 9001-200 certified and designs, manufactures and distributes globally Industrial Telephones, Hazardous Area & Explosion-Proof Telephones, VoIP Telephones, Accessories, Acoustic Booths and Paging equipment with certifications including: CSA, IC-CS03, UL, FCC, EU ATEX/CE, NEMA, ABS, ACA (Australia), KSA-SASO (Kingdom of Saudi Arabia) and CFT (Mexico). Guardian has manufacturing facilities in Calgary, Canada and has sales and technical support offices in the United States, UAE and Dubai and Mexico. For more information please visit www.guardiantelecom.com.