Currency Exchange International Appoints Stacey Mowbray to Board of Directors
October 3, 2019 Toronto, Ontario – Currency Exchange International, Corp. (TSX:CXI) (OTCBB:CURN) (“CXI” or the "Company") is pleased to announce that its Board of Directors has appointed Stacey Mowbray to serve as a Director of the Company effective October 1, 2019. In addition, she has been appointed as a Director to the Board of Directors for the Company’s wholly-owned subsidiaries, Exchange Bank of Canada and eZforex.com, Inc., effective to the same date.
Ms. Mowbray is an experienced CEO and Board Director with a proven track record of accomplishments. She most recently held the position of President North America with WW International, Inc. (Formerly Weight Watchers) and was a key member of the turnaround of the omni-channel health and wellness company. During her tenure from 2014 to 2019, Ms. Mowbray held progressive global positions at WW overseeing Canada, Brazil and the Americas.
Prior to her work at WW, Ms. Mowbray held the position of President and CEO of Second Cup Limited from 2008 to 2014. Second Cup is a publicly traded company and Canada's largest franchisor in the specialty coffee industry. She sat on the Second Cup Royalty Income Board from 2007 to 2009. In addition, from 2008 to 2013, Ms. Mowbray was Chair and Board Director for the Coffee Association of Canada.
Ms. Mowbray is currently a Board Director for Spärkel Beverage System, a Board Director for Sleep Country Canada Holdings Inc., a volunteer Board Director and Vice-Chair of the Quality committee for Trillium Health Partners and an Advisory Board Member at Schulich School of Business - York University. In addition, she has held volunteer Board Director positions at the LCBO, Association of Canadian Advertisers (ACA) and Kingsway College School.
Over her career, Ms. Mowbray has received numerous recognitions including Diversity Champion, Inaugural CEO in Residence, Top 100 Women's Executive Network, Top 20 Women's Post and Outstanding Progress and Achievement Award. She holds an MBA from Schulich School of Business – York University.
"Stacey’s leadership in business and community is backed by proven success at every level of her career. She clearly brings impressive marketing acumen with an omni-channel business focus that is a welcomed addition to the Board of Directors", stated Randolph Pinna, Chairman of the Board of Currency Exchange International, Corp. He added, "The influence and experience she brings will provide comprehensive support for CXI’s bank group going forward.”
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.
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.