EXHIBIT 99.1



X-CHANGE CORPORATION ANNOUNCES SHARE REPURCHASE AGREEMENT WITH FORMER HOLDERS OF
WEBIX, INC.

New York,  NY,  December 24, 2002:  The X-Change  Corporation  (OTCBB:  XCHC.OB)
announced  that it has entered  into a  Securities  Repurchase  Agreement  as of
December 23, 2002 with a group of shareholders,  referred to in the agreement as
the "WEBiX Shareholders," who formerly owned interests in WEBiX, Inc., a Florida
corporation.  WEBiX, Inc. was merged into a subsidiary of the company, now known
as X-Change Technologies Corp., on January 15, 2002. X-Change Technologies Corp.
owns many of the assets needed to operate the  WEBIXTRADER  alternative  trading
system,  although  the  technology  needed to  operate  the  system is  licensed
directly to The X-Change Corporation.

The Securities  Repurchase  Agreement would  effectively  unwind the January 15,
2002 merger,  by transferring  all stock in X-Change  Technologies  Corp. to the
WEBiX  Holders.  In addition,  in connection  with the  agreement,  The X-Change
Corporation's  license to use the technology needed to operate WEBIXTRADER would
be transferred to X-Change  Technologies Corp., and X-Change  Technologies Corp.
will assume the debt of The X-Change  Corporation.  After the closing  under the
Securities  Repurchase  Agreement,  The X-Change Corporation would continue as a
public  company  but  would not  operate  WEBIXTRADER  or own any of the  assets
related to the system, which is substantially all of the assets of the company.

Under  the  Securities  Repurchase  Agreement,  The  X-Change  Corporation  will
transfer  all shares of  X-Change  Technologies  Corp.  to the WEBiX  Holders in
exchange for the WEBiX  Holders'  surrender of all  securities  they hold in the
company,  including  common  stock,  preferred  stock,  warrants or options.  In
connection  with the  agreement,  X-Change  Technologies  Corp.  will assume the
company's debt as of the date of the closing of the  agreement,  and the company
will assign its rights under a license  agreement that gives it the right to use
the technology  underlying  WEBIXTRADER.  A group of shareholders  consisting of
some of the major  shareholders of The X-Change  Corporation who owned shares in
the company before the January 15, 2002 merger is also a party to the Securities
Repurchase  Agreement.  The agreement contains releases and covenants not to sue
between this group of shareholders,  the WEBiX Holders, the company and X-Change
Technologies Corp.

The  closing  under  the  Securities  Repurchase  Agreement  is  subject  to the
execution of the  agreement by all of the WEBIX  Holders.  It is also subject to
customary  closing  conditions,  including  approval by the  stockholders of The
X-Change Corporation.  In addition,  the closing is conditioned upon there being
at least 300 holders of record of The X-Change Corporation after the transaction
is completed.

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.

CONTACT:  William Frank (646) 728-7023

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