EXHIBIT 99.1

X-Change Corporation  Announces  Resignation of Richard Niehoff,  Appointment of
William Frank as CEO

The X-Change  Corporation  (OTCBB:  XCHC.OB)  announced  the  resignation  of K.
Richard Niehoff from the positions of Chairman,  Chief  Executive  Officer and a
member of the Board of  Directors.  Donald E. Weeden has become  Chairman of the
company.  William B. Frank,  Chairman of The X-Change  Corporation's  Technology
Advisory Board, has been selected as the company's new Chief Executive  Officer,
and has joined the Board,  according to Mr. Weeden.  Dr. Frank has created major
financial services  infrastructure systems for two decades, and is an advisor to
leaders at both global and boutique  institutions.  He is the author of a patent
enabling effective  federation of financial partners and conglomerates,  and the
head of the U.S.  delegation  to the  International  Standards  Organization  on
distributed  processing.  He is a former member of the  technical  staff at Bell
Laboratories and professor at MIT Sloan School of Management.

The  change  reflects  The  X-Change  Corporation's  increased  emphasis  on its
technology  that  provides an engine for trading of products  and  services,  in
addition to  securities,  for which  liquidity is  desirable.  In addition,  The
X-Change  Corporation  provides  application  platform  management services to a
number of customers in a wide range of industries.

Robert Kaskel has been elected Chief  Technology  Officer and Susan Landin Chief
Operating Officer of the corporation.

Richard   Niehoff   will   continue   to  be  involved   in   WEBIXTRADER,   the
internet-accessible  exchange  facility  for trading  stocks on the OTC Bulletin
Board operated by a subsidiary of the company.  The WEBIXTRADER  System has been
running  continuously  since early July,  when it was  connected to the National
Stock Clearing Corp. (NSCC) through Nasdaq's Automatic Confirmation  Transaction
System (ACT).

WEBIXTRADER has attracted five market makers and two brokers to its system,  but
has not yet completed any  transactions.  As previously  reported,  The X-Change
Corporation   postponed  a  financing  in  July.   Contributions   from  certain
shareholders and employees have enabled The X-Change Corporation to continue its
activities without interruption.  The company is presently pursuing alternatives
for raising capital.

The Board of Directors  of The X-Change  Corporation  is  contemplating  several
changes  in the  structure  of the  corporation.  Specifically,  the  company is
considering initiating  negotiations with the holders of its preferred stock and
warrants  regarding  conversion of the preferred  stock and  elimination  of the
outstanding warrants, in consideration for some additional issuance of shares of
common stock.  These  transactions  would simplify the capital  structure of the
company.  There is no assurance  that the holders of the preferred  stock or the
warrants  would  agree  to these  types of  transactions.  The  company  is also
considering separating its technology business and its over-the-counter  trading
facility into separate  divisions or subsidiaries.  In addition,  the company is
considering a 1 for 10 reverse split of its common stock, and the adoption of an
employee stock option plan, both of which would require shareholder approval.

Forward Looking Information

This press release may contain  forward-looking  statements  involving risks and
uncertainties.  Statements  in this  press  release  that  are  not  historical,
including statements regarding management's intentions,  beliefs,  expectations,
representations,  plans  or  predictions  of  the  future,  are  forward-looking
statements  within the meaning of the  "safe-harbor"  provisions  of the Private
Securities Litigation Reform Act of 1995. These risks and uncertainties include,
but are not limited to,  fluctuations  in financial  results,  availability  and
customer  acceptance  of  products  and  services,  the  impact  of  competitive
products,  services and pricing, and general market trends and conditions. For a
discussion of other  potential  factors that could cause actual  results to vary
materially from  expectations,  reference is made to The X-Change  Corporation's
annual and quarterly reports filed with the Securities and Exchange  Commission.
The  X-Change  Corporation  does not  undertake  any  obligation  to update  any
forward-looking  statements,  whether  as a result  of new  information,  future
events or otherwise.