Currency Exchange International Appoints New Chief Financial Officer
April 24, 2017 Toronto, Ontario – Currency Exchange International, Corp. (the “Company”) (TSX:CXI) (OTCBB:CURN), a foreign exchange services provider, is pleased to announce the appointment of industry veteran Mr. Stephen Fitzpatrick as Chief Financial Officer (CFO) of the Company and its subsidiary, Exchange Bank of Canada (EBC). Mr. Fitzpatrick will begin the CFO role May 8, 2017 strengthening the executive management team at an important juncture in the organization's evolution.
Mr. Fitzpatrick (CPA, CGA, MBA) brings a significant amount of financial services experience to CXI and EBC, combining financial and business perspectives in the CFO role. Most recently he was Vice President, Corporate Services and Chief Financial Officer at Canadian Credit Union Association where, in addition to his financial role, he was actively involved in payments strategy development, served on the Boards of Interac and Concentra Bank, and led a number of credit union system risk and payments initiatives. Mr. Fitzpatrick's breadth of understanding of the financial services industry, particularly in the areas of payments and risk management, supports the organization's strategic direction and growth objectives.
Mr. Randolph Pinna, President and Chief Executive Officer of CXI and EBC stated, "On behalf of the Board of Directors and management, we welcome Stephen to our organization's executive team. We are honored to have such an experienced and qualified individual with extensive knowledge in payments, ATM networks and banking to join our team."
Mr. Fitzpatrick commented, "I'm pleased to join CXI and EBC. It's a growing and innovative organization with a distinctive bank model driven by a strong value proposition. I am encouraged by the unique opportunities ahead of the organization and its place in the market."
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, Global EFTs, 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, 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 financial institutions and select corporate clients 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, 2016. 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.
Currency Exchange International, Corp.
Randolph W. Pinna
President and Chief Executive Officer
Currency Exchange International, Corp.