TORONTO, ONTARIO–(Marketwired – May 9, 2017) – Currency Exchange International, Corp. (TSX:CXI)(OTCBB:CURN), is pleased to announce the Company and its subsidiary Exchange Bank of Canada (EBC) have combined to execute eight agreements with financial institutions for the provision of foreign exchange services increasing the transacting locations using the company group by more than 2,100 locations. The eight agreements have been executed since the Company’s first fiscal quarter ended January 31, 2017, and all locations are expected to be fully operational by the end of June 2017.
The relationships established from the agreements include five consumer facing banks, two bankers’ banks, and a U.S. based state-chartered credit union. EBC executed an agreement with a large consumer facing Canadian bank becoming a bulk foreign banknote wholesale provider. The remaining agreements engage CXI as the exclusive provider of a range of foreign exchange services at the financial institutions. The services CXI will facilitate for each of the institutions depend on the specific relationship and can include foreign banknote exchange, foreign draft issuance, international wire payments, and foreign cheque clearing.
Randolph Pinna, President and CEO of CXI commented, “Financial institutions today are increasingly seeing the many benefits of partnering with a foreign exchange services specialist, like CXI or Exchange Bank of Canada. They see the advantage of accessing CXI group’s market knowledge, advanced customizable software and service experience which can create a more efficient internal process, enhanced revenues, and provide a superior customer experience.”
CXI provides all of its clients access to its proprietary software, CEIFX or EBCFX, for banknote processing, foreign inventory management, foreign cheque clearing, and international payment services as a part of a customized relationship. Clients receive a business analysis and custom setup in order to utilize features in CEIFX or EBCFX. Some of the banknote services to commence in these new relationships are direct to branch decentralized banknote processing and foreign currency inventory on consignment. The select inventory on consignment locations hold a predetermined foreign currency inventory in stock daily. All other foreign currencies sold to customers, of the more than 80 offered, can be exchanged at these locations with a one to two-day turnaround time.
The new financial institutions utilizing CXI for foreign cheque clearing and international payment services have an all in one foreign exchange services provider. CXI’s foreign cheque clearing solution allows select currencies to be cleared on cash letter speeding up the availability of funds. The international payments platform on the CEIFX software incorporates beneficiary bank and IBAN validation tools, Dodd-Frank Regulation E compliance, beneficiary email alerts, and smart forms. Additionally, the platform can process bulk payments and cheque clearing items eliminating repetitive entry steps. Integrated into every service on the system is CEIFX’s compliance verification system (CVS), which can search transaction information against mandatory watch-lists in real-time.
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, Global EFTs, purchase and sale of foreign bank drafts and international travelers’ 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 wholly-owned Canadian subsidiary, Exchange Bank of Canada, based in Toronto, Canada, provides foreign exchange and international payment services to financial institutions and select corporate clients in Canada through the use of its proprietary software – www.ebcfx.com.
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, 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, and volatile securities markets impacting security pricing in a manner unrelated to operating performance and impeding access to capital or increasing the cost of capital, as well as the factors identified throughout this press release and in the section entitled “Risks Factors” of the Company’s Management’s Discussion and Analysis for Year Ended October 31, 2016. 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.
Bill Mitoulas
Investor Relations
(416) 479-9547
bill.mitoulas@ceifx.com
www.ceifx.com