ORLANDO, FLORIDA--(Marketwire - Nov. 14, 2012) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.
Currency Exchange International, Corp. (the "Company") (TSX:CXI.S)(TSX:CXI.WT.S), is pleased to announce the execution of an agreement with Boston-based Eastern Bank to begin providing foreign currency services on December 3, 2012.
The agreement with Eastern Bank, the largest independent, mutually owned bank in New England, provides foreign currency service to the branch network of more than 90 locations in Massachusetts, including 16 foreign currency inventories placed on consignment. The foreign currency inventory, generally consisting of Euros, U.K. Pounds, Japanese Yen, and both Australian and Canadian Dollars, is available for immediate purchase by account holders and non-account holders affording customers the convenience of same-day currency exchange at the bank. All other foreign currencies sold to customers, of the more than 80 offered in total, can be exchanged at these locations with a one to two day turnaround.
The relationship provides Eastern Bank with the Company's proprietary web-based software, CEIFX, with foreign exchange processing, inventory management, and customer support capabilities to fulfill the bank customer's currency exchange needs quickly and securely, while remaining compliant to all federal regulations.
Randolph Pinna, President and CEO of CXI described the agreement with Eastern Bank as, "a great addition to CXI's and Eastern Bank's offering in the New England area. Eastern Bank, with multiple branches having inventory on hand, will provide an immediate service to customers at rates much better than those normally provided at airports or other known alternatives. CXI is proud to have a relationship with such a well-run bank."
About Eastern Bank
Founded in 1818 and based in Boston, Eastern Bank is the largest independent and mutually owned bank in New England, with $8 billion in assets and more than 90 branches serving communities from the Merrimack Valley to Cape Cod. Eastern Bank offers banking, investments and insurance all under one roof, and prides itself on working harder to understand its customers' needs so it can deliver these services in a committed and personal way. Eastern Bank includes Eastern Wealth Management and Eastern Insurance. For more information, visit www.easternbank.com, www.facebook.com/easternbank, and www.twitter.com/easternbank.
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, 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.