ORLANDO, FLORIDA--(Marketwired - Oct. 15, 2013) - Randolph W. Pinna, the President, Chief Executive Officer and a Director of Currency Exchange International, Corp. (the "Company") (TSX:CXI)(OTCBB:CURN) announces that effective October 11, 2013, Mr. Pinna transferred a total of 200,000 common shares of the Company (each, a "Common Share") pursuant to private transactions with third parties. The Company is a reporting issuer in Canada with common shares listed on the Toronto Stock Exchange under the trading symbol, "CXI". Mr. Pinna is a reporting insider of the Company.
Before giving effect to the transfers, Mr. Pinna had ownership of 1,548,920 Common Shares, and control and direction over an additional 1,000 Common Shares, representing a total of approximately 28.75% of the issued and outstanding Common Shares. In addition, Mr. Pinna holds options to acquire 45,000 Common Shares which increased his ownership to approximately 29.34% of the issued and outstanding Common Shares, on a partially diluted basis.
As a result of these transfers Mr. Pinna now has ownership of 1,348,920, and control and direction over an additional 1,000 Common Shares, representing a total of approximately 25% of the issued and outstanding Common Shares. On a partially diluted basis (which assumes the exercise of Mr. Pinna's 45,000 options and no exercise by any other holders of outstanding options or other convertible securities) after giving effect to the transfers, Mr. Pinna has ownership of or control and direction over approximately 25.66% of the issued and outstanding Common Shares.
These transfers of Common Shares occurred in private transactions entered into for the purpose of expanding the shareholder base to allow for new institutional investors to own shares of the Company. The Common Shares were sold at a price of $9.00 per Common Share.
Mr. Pinna was quoted as saying "While I wish to own as much of CXI as possible, I have decided to lower my personal holdings due to a high demand for CXI stock from several new institutional funds."
For the purposes of National Instrument 62-103 early warning reporting, the address of Randolph W. Pinna is 4901 Vineland Road, Suite 580, Orlando, Florida, USA 32811. Mr. Pinna may, depending on market and other conditions, increase or decrease his beneficial ownership, control or direction over Common Shares or other securities of the Company, through market transactions, private agreements, treasury issuances, exercise of convertible securities or otherwise. A copy of the early warning report in respect of the above noted transactions will be filed on SEDAR and will be available under the Company's profile at www.sedar.com.
About Currency Exchange International, Corp.
The Company is in the business of providing a range of foreign currency exchange and related financial 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 products and 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 its 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 "Risk Factors" of the Company's Management's Discussion and Analysis for the year ended September 30, 2012. 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.