TORONTO, ONTARIO--(Marketwired - Sept. 19, 2016) - Currency Exchange International, Corp. (TSX:CXI)(OTCBB:CURN) is pleased to announce that effective September 19, 2016, Currency Exchange International of Canada Corp., CXI's wholly owned subsidiary, has been continued as Exchange Bank of Canada (EBC), in English, and Banque de change du Canada, in French, and is now operating as a Canadian Schedule 1 bank.
EBC delivers specialized wholesale foreign exchange solutions to financial institutions and businesses, including the exchange of foreign currencies, international wire transfers, sale of foreign bank drafts, and foreign cheque clearing.
"This is a major achievement for EBC. The entire Exchange Bank of Canada management team and its Board of Directors are very proud to have been able to continue as a bank in Canada," said Randolph Pinna, President and CEO of CXI and of EBC.
"Now as 'Canada's Foreign Exchange Bank', EBC opens greater opportunities to enhance existing banking relationships and build new worldwide partners. Customers will have access to a strong suite of FX solutions using best-in-class technology, customer support and preferred wholesale exchange rates to provide all EBC customers with significant bottom-line improvements.
"I want to acknowledge and thank our loyal customers and dedicated team at EBC for their support in achieving this milestone. This provides EBC direct access to the global banking network, allowing EBC the ability to deal directly with central banks, further expanding and enhancing our pricing and solutions capabilities. I am looking forward to our EBC team engaging in conversations with Canadian financial and commercial businesses to demonstrate the consultative approach of Canada's Foreign Exchange Bank."
EBC will not be taking deposits or making loans or dealing directly with retail customers as it is focused specifically on establishing direct relationships dealing with select businesses and financial institutions that have requirements for superior international payment and foreign currency products and solutions.
About Currency Exchange International, Corp.
CXI 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 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, and licensing retail foreign currency operations to select companies in agreed locations.
CXI's wholly-owned Canadian subsidiary, Exchange Bank of Canada, based in Toronto, Canada, provides these services in Canada, through the use of its proprietary software.
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, 2015. 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.