ORLANDO, Fla., Aug. 02, 2016 (GLOBE NEWSWIRE) -- Currency Exchange International, Corp. (TSX:CXI) (OTCBB:CURN), is pleased to announce it has signed a Master Services Agreement and a corresponding Statement of Work with a national financial institution in North America. The foreign currency services are expected to commence at select locations in August 2016 and are expected to be in place at all transacting locations by the end of 2016.
The financial institution will utilize CXI’s inventory on consignment model at select locations and a decentralized foreign banknote model across its customer network. All branches will directly interact with CXI through the company’s proprietary software – CEIFX. The select locations holding foreign currency inventory generally have Euros, U.K. Pounds, Japanese Yen, Mexican Pesos and some Caribbean currencies in stock daily. Holding the foreign currency at the branch makes it 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 business day turnaround time.
The first set of locations serviced by CXI in August 2016 will be through the consignment model, immediately expanding the currency service offering. The entire branch network, using the decentralized model, is expected to begin transacting with CXI in October 2016. Randolph Pinna, President and CEO of CXI said, “The entire CXI team is very proud to have CXI’s services and reputation recognized by the institution as it was determined our software, service and level of dedicated customer care will expand the value of their foreign banknote service down to their clients. We look forward to working with this excellent financial institution.”
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.
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