Currency Exchange International, Corp.

Currency Exchange International, Corp.

January 16, 2017 07:00 ET

Currency Exchange Announces Resignation of CFO

TORONTO, ONTARIO--(Marketwired - Jan. 16, 2017) - Currency Exchange International, Corp. (the "Company") (TSX:CXI)(OTCBB:CURN), announces that its Chief Financial Officer (CFO), Peter Scherer, has submitted a notice of resignation to pursue another opportunity. The Company has commenced a search process to recruit a replacement CFO. It is anticipated that a replacement CFO will be appointed before the departure of Mr. Scherer, expected to be on or about March 14, 2017. A further announcement will be made upon the appointment of a replacement CFO.

Mr. Scherer joined the Company as CFO on April 3, 2013, approximately one year after the Company's initial public offering and listing on the Toronto Stock Exchange. Mr. Scherer was an integral part of the Company's growth and the team which successfully led the establishment of the Company's wholly-owned subsidiary, Exchange Bank of Canada (EBC), in English, and Banque de change du Canada, in French, as a Canadian Schedule 1 bank. Mr. Randolph Pinna, President and Chief Executive Officer of the Company, stated, "The board of directors and the entire CXI team join me in thanking Peter for his contributions and leadership. We wish him continued success in his future endeavours."

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, ("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, Exchange Bank of Canada, including the use of CEIFX in the provision of such services.


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 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 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.

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