TORONTO, ONTARIO--(Marketwire - Nov. 23, 2012) -
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Currency Exchange International, Corp. (the "Company") (TSX:CXI.S)(TSX:CXI.WT.S), announced today the submission of its application to continue its wholly-owned subsidiary, Currency Exchange International of Canada Corp., as a new Canadian Schedule 1 bank. Subject to review and approval of the application by the Office of the Superintendent of Financial Institutions (Canada) and the Minister of Finance (Canada), the new bank will be called "Exchange Bank of Canada" in English and "Banque de change du Canada" in French and will have its head office in Toronto.
The Company is in the business of providing a range of foreign currency exchange and related products and services in North America. Primary products and services include the exchange of foreign currencies, purchase and sale of foreign bank drafts and international traveler's cheques, wire transfer payments, and foreign cheque clearing. The products are sold at a business-to-business level to resorts and attractions, as well as local, regional and national banks, that have international trade or clientele, and at a business-to- consumer level through the Company's wholly-owned and affiliated retail outlets in the United States.
The objective of Exchange Bank of Canada is to expand current and future business opportunities and become a leading banker's bank for foreign exchange products and services. Obtaining a Canadian bank charter affords the Company numerous advantages, among them it eventually expects to be able to bank with Central banks, including the Bank of Canada and the U.S. Federal Reserve Bank, thereby obtaining a source of stable, cost-effective funds, collateral reductions with corresponding banks, and enhancing existing banking relationships.
Randolph Pinna, President, CEO, and director of the board, stated, "EBC will provide CXI's current customers and potential customers additional comfort by having its correspondent relationship with a licensed specialty bank such as Exchange Bank of Canada, while providing the company with additional profit opportunities."
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 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.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This press release includes forward-looking statements within the meaning of applicable securities laws. Forward-looking statements relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable. These statements may involve, but are not limited to, comments relating to preliminary results, guidance, strategies, expectations, planned operations or future actions. Forward-looking statements are identified by the use of terms and phrases such as "preliminary", "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and similar terms and phrases, including references to assumptions.
Forward-looking statements, by their nature, are based on assumptions, including those described herein, and are subject to important risks and uncertainties. Forward-looking statements cannot be relied upon due to, amongst other things, changing external events and general uncertainties of the business. Actual results may differ materially from results indicated in forward-looking statements due to a number of factors including, without limitation, the Company's limited operating history, future capital needs and uncertainty of additional financing, the competitive nature of the industry, currency exchange risks, the need for the Company to manage its planned growth and expansion, the effects of product development and need for continued technology change, protection of proprietary rights, the effect of government regulation and compliance on the Company and the industry, network security risks, the ability of the Company to maintain properly working systems, theft and risk of physical harm to personnel, reliance on key personnel, global economic and financial market deterioration impacting tourism and impeding access to capital or increasing the cost of capital, volatile securities markets impacting security pricing unrelated to operating performance, the ability to enforce judgments against a foreign corporation and its management, and receipt of regulatory approval to incorporate a new Schedule 1 bank, as well as the factors identified throughout this news release and those identified in section entitled "Risks and Uncertainties" of the Company's MD&A for the quarter ended June 30, 2012. The forward-looking statements contained in this news release represent the Company's expectations as of the date of this news release (or as of the date they are otherwise stated to be made), and are subject to change after such date. However, the Company disclaims any intention or obligation to update or revise any forward- looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.