CXI Announces Strategic Relationship with Duty Free Americas, Inc. as Its Exclusive Foreign Currency Provider
December 9, 2019 Orlando, Florida – 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 it has entered into an exclusive relationship with Duty Free Americas, Inc. (“DFA”). As the first phase of this new strategic relationship, DFA will operate as an agent of CXI at more than 30 of DFA’s retail stores located on the United States and Canadian border. All retail stores included in the first phase will be transacting with CXI by the end of January 2020.
CXI and DFA will increase the number of DFA stores transacting as agents of CXI in several phases.
DFA is a leading travel retailer and is the largest duty/tax-free retailer in the Western Hemisphere. DFA operates more than 180 duty free stores in the United States and internationally. DFA will benefit from access to CXI’s proprietary software, CEIFX, for banknote processing, inventory management, and compliance integration.
Randolph Pinna, the President and CEO of Currency Exchange International, Corp., commented, “We are very honored to have won the privilege of maximizing the foreign exchange opportunities for DFA’s domestic and international duty free stores. CXI has invested noticeably upfront to ensure that the first phase of more than 30 locations will bring increased returns for all stakeholders and sets a solid foundation for the expansion envisioned by both companies. This brings CXI’s company-owned and agent locations to nearly 100 retail stores throughout the United States.”
“DFA has chosen to establish an exclusive relationship with CXI as we feel the technology, pricing and quality support CXI offers will ensure that DFA generates additional income while still offering competitive exchange rates with outstanding service to our customers. We look forward to growing our FX business with CXI,” said Saul Roif, Supervisor FX Operations of DFA.
About Currency Exchange International, Corp.
The Company is in the business of providing a range of foreign exchange technology and processing services in North America. Primary products and services include the exchange of foreign currencies, wire transfer payments, Global EFTs, sale of foreign bank drafts, purchase of 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 wholly-owned Canadian subsidiary, Exchange Bank of Canada, based in Toronto, Canada, provides foreign exchange and international payment services to approved financial institutions and corporations in Canada through the use of its proprietary software – www.ebcfx.com.
About Duty Free Americas
Duty Free Americas, Inc. (DFA) is the largest duty/tax-free retailer in the Western Hemisphere, operating more than 180 duty free stores in the United States and internationally. DFA offers its customers a vast assortment of exceptional brand name merchandise, including liquor, tobacco products, fragrances, cosmetics, confections, fashion accessories, watches, leather goods and luxury gifts, free of all duties, as well as sales and excise taxes. Established in 1972 and headquartered in Hollywood, Florida, DFA continues to provide an exciting travel retail experience for millions of vacationers and business travelers from around the world every year.
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, 2018. 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.