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CXI - Currency Exchange International News Story

C$12.96 0.4  3.4%

Last Trade - 02/12/21

Micro Cap
Market Cap £47.3m
Enterprise Value £15.7m
Revenue £19.0m
Position in Universe 920th / 2710

Currency Exchange Announces Interim Chief Financial Officer Appointment

Wed 1st September, 2021 10:00pm
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TORONTO, Sept. 01, 2021 (GLOBE NEWSWIRE) -- Currency Exchange International,
Corp. (TSX:CXI) (OTCBB:CURN) (“CXI” or the “Company”), a full service
foreign exchange technology and services provider, is pleased to announce that
effective immediately Alan Stratton, CPA, CA, has been appointed as Interim
Chief Financial Officer of the Company and Interim Chief Financial Officer of
Exchange Bank of Canada, the Company’s wholly-owned Canadian subsidiary
operating as a Canadian Schedule 1 bank.

Mr. Stratton has served as the Vice-President, Finance of Exchange Bank of
Canada since January 2020 where he has been responsible for financial
reporting, taxation, capital management and regulatory compliance matters. Mr.
Stratton has previous experience as Chief Financial Officer of a public
company, including all aspects of financial reporting, equity and debt
financings, and investor relations. He holds a Bachelor of Commerce, Finance &
Accounting, from Ryerson University.

CXI recognizes Stephen Fitzpatrick for his period of service as CFO at the
Company and Exchange Bank of Canada. Mr. Fitzpatrick has decided to step down
for personal reasons and we thank him for his contributions to the

A search process has commenced for a permanent Chief Financial Officer at the
Company and Exchange Bank of Canada.

About Currency Exchange International, Corp.

Currency Exchange International provides comprehensive foreign exchange
technology and processing services for banks, credit unions, businesses, and
consumers in the United States and select clients globally. Primary products
and services include the exchange of foreign currencies, wire transfer
payments, Global EFTs, and foreign cheque clearing. Wholesale customers are
served through its proprietary FX software applications delivered on its
web-based interface, (“CXIFX”), its related APIs with core
banking platforms, and through personal relationship managers. Consumers are
served through Company-owned retail branches, agent retail branches, and its
e-commerce platform
( (“OnlineFX”).

Exchange Bank of Canada, the Company’s wholly-owned Canadian subsidiary
based in Toronto, Canada, provides foreign exchange and international payment
services in Canada and select international foreign jurisdictions. Customers
are served through the use of its proprietary
software, (“EBCFX”), related APIs to core banking
platforms, and personal relationship managers. 

Contact Information

For further information please contact: 
Bill Mitoulas
Investor Relations
(416) 479-9547

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,
proposed entry into the Canadian financial services industry, 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, the impact of COVID-19
coronavirus on factors relevant to the Company’s business, 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, 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 and Uncertainties”
of the Company’s Management’s Discussion and Analysis for the year ended
October 31, 2020. 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.


GlobeNewswire, Inc. 2021
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