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AirGate Technologies' parent company, the X-Change Corporation, has formed a new subsidiary that will focus on growing RFID opportunities within the oil and gas industry, primarily in exploration, drilling and production.
To support its oil and gas venture (the name of which is yet to be announced at the time of writing), the company is to seek technology and possible acquisition candidates to supplement the RFID technologies and applications being developed and tested by its AirGate Technologies subsidiary.
The new subsidiary will focus exclusively on the oil and gas industry while AirGate continues to focus on RFID applications for the supply chain (driven mainly by supplier mandates such as those issued by Wal-Mart and the US Department of Defense, and initiatives from EPCglobal).
"We have noticed unique RFID applications beginning to emerge in the petroleum industry, outside of the obvious asset tracking ones," said Michael Sheriff, CEO for the X-Change Corporation.
"For example, down-hole pressure and temperature recording, device triggering, and instrument monitoring are areas of exploration and production that call for remote data transmissions that could be delivered by a specialised RFID application," Sheriff added. "The oil industry has always been a 'private club', and its technology is very specialised. We felt it best to establish a separate organisation to target the needs of oil and gas producers."
The X-Change Corporation aims to seek merger or acquisition candidates, and to acquire interests in emerging technologies that it believes will generate significant revenues and return a profit to its shareholders.
Source: X-Change Corporation
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