ORLANDO, FLORIDA–(Marketwired – Oct 16, 2014) – Currency Exchange International, Corp. (the “Company”) (CXI.TO)(CURN), a leading provider of foreign currency exchange services in North America, is pleased to announce that since July 31, 2014 the Company has signed new agreements with nine financial institutions located in the United States for services including the exchange of foreign banknotes, foreign cheque clearing, and foreign bank draft issuances.
The agreements provide the financial institutions access to CXI’s proprietary software, CEIFX, to fulfill the processing of foreign banknotes, foreign cheque clearing, and foreign bank draft issuances. Depending on the internal policies of each bank, the banks will provide such services downstream to account holders and non-account holders through CEIFX’s ordering system. The nine financial institutions represent more than 1,100 distinct locations across 14 states. Such services have been implemented with most of these institutions already, with the remaining transacting locations set to be online within the next two months.
Utilizing CEIFX gives banks access to buying and selling more than 80 foreign currencies, issuing foreign denominated drafts for more than 40 countries, and a wide range of cheque collection currencies. The CEIFX system’s services are supported with robust reporting functionality, live compliance integrations, and a support structure to fulfill the bank customer’s currency exchange needs quickly and securely, while remaining compliant with all federal regulations. CEIFX has numerous integrations with existing core banking software that allows such systems to securely send information between one another. In addition to providing the services through its web-based software, switching to CXI has provided many of the banks with increased value in the provision of their existing services as well as new revenues from newly established services.
“The rapid rate at which banks are switching to CXI confirms that by providing exceptional service with competitive pricing using leading FX software is the best overall decision for retail banks including with respect to their back office processing of cash and instruments denominated in foreign currency,” said Randolph Pinna, President and CEO of CXI.
About Currency Exchange International, Corp.
The Company is in the business of providing a range of foreign currency exchange and related products and services in North America, including the Hawaiian Islands. Primary products and services include the exchange of foreign currencies, wire transfer payments, purchase and sale of foreign bank drafts and international traveler cheques, and foreign cheque clearing. Related services include the licensing of proprietary FX software applications delivered on its web-based interface, www.ceifx.com (“CEIFX”) and licensing retail foreign currency operations to select companies in agreed locations.
The Company’s services are provided in Canada by a wholly-owned subsidiary, based in Toronto, Canada through the use of its proprietary software www.ceifx.ca.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This press release includes forward-looking information within the meaning of applicable securities laws. This forward-looking information includes, or may be based upon, estimates, forecasts and statements as to management’s expectations with respect to, among other things, demand and market outlook for wholesale and retail foreign currency exchange products and services, proposed entry into the Canadian financial services industry, future growth, the timing and scale of future business plans, results of operations, performance, and business prospects and opportunities. Forward-looking statements are identified by the use of terms and phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “preliminary”, “project”, “will”, “would”, and similar terms and phrases, including references to assumptions.
Forward-looking information is based on the opinions and estimates of management at the date such information is provided, and on information available to management at such time. Forward-looking information involves significant risks, uncertainties and assumptions that could cause the Company’s actual results, performance or achievements to differ materially from the results discussed or implied in such forward-looking information. Actual results may differ materially from results indicated in forward-looking information due to a number of factors including, without limitation, the competitive nature of the foreign exchange industry, currency exchange risks, the need for the Company to manage its planned growth, the effects of product development and the need for continued technological change, protection of the Company’s proprietary rights, the effect of government regulation and compliance on the Company and the industry in which it operates, network security risks, the ability of the Company to maintain properly working systems, theft and risk of physical harm to personnel, reliance on key management personnel, global economic deterioration negatively impacting tourism, volatile securities markets impacting security pricing in a manner unrelated to operating performance and impeding access to capital or increasing the cost of capital, and the regulatory approval process for a new Canadian Schedule I bank, as well as the factors identified throughout this press release and in the section entitled “Risks and Uncertainties” of the Company’s Management’s Discussion and Analysis for Thirteen Month Period Ended October 31, 2013. The forward-looking information contained in this press release represents management’s expectations as of the date hereof (or as of the date such information is otherwise stated to be presented), and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this press release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this press release.
