Currency Exchange International, Corp.
TSX : CXI
OTCBB : CURN

Currency Exchange International, Corp.

February 04, 2016 08:22 ET

CXI Announces 11 New Relationships With Financial Institutions Totalling Over 1,500 New Transacting Locations

TORONTO, ONTARIO--(Marketwired - Feb. 4, 2016) - Currency Exchange International, Corp. (TSX:CXI)(OTCBB:CURN), is pleased to announce 11 new business relationships with various financial institutions in Canada and the U.S., through CXI directly or its Canadian subsidiary Currency Exchange International Canada Corp., for the provision of foreign currency banknote services. These relationships will add over 1,500 transacting locations to CXI and CXI Canada, a 15% increase in transacting locations since CXI's year-end report. All locations are expected to be fully operational before the end of Q3.

The transacting locations added through these new relationships span 22 states in the U.S. and 3 provinces in Canada, where approximately half are with one Canadian financial institution. Randolph Pinna, President and CEO of CXI commented, "We are very pleased and honoured to be selected as a primary vendor for foreign currency services to all of these well-established, long standing financial institutions. The consumers in their marketplace will now enjoy enhanced foreign currency services in the communities they serve."

CXI provides all of its customers with access to CXI's proprietary software - CEIFX, banknote processing, foreign inventory management, and related services. CXI is expected to provide its decentralized model, with all transacting locations directly interacting with CXI through the CEIFX software interface. Select locations will also hold foreign currency inventory in stock daily. The foreign currency inventory, generally consisting of Euros, U.K. Pounds, Japanese Yen, Mexican Pesos and some Caribbean currencies is available for immediate purchase by account holders and non-account holders affording customers the convenience of same-day currency exchange at the location. All other foreign currencies sold to customers, of the more than 80 offered, can be exchanged at these locations with a one to two day turnaround time.

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 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 ("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 Canadian subsidiary, Currency Exchange International of Canada Corp., 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, 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.

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