CXI Retail Expansion Spans Coast to Coast
Currency Exchange International Retail Expansion Spans Coast-To-Coast
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October 9, 2012
Orlando, Florida – Currency Exchange International, Corp. (the “Company”) (TSX:CXI.S) (TSX:CXI.WT.S), is pleased to announce the continued expansion within its retail division. CXI has signed leases and opened three new retail branches, one at Santa Monica Place in Santa Monica, California, another at Arundel Mills in Hanover, Maryland, and the third at Westfield Southcenter, in Seattle, Washington. The Santa Monica Place and Arundel Mills locations completed their official grand opening before the company’s fourth quarter ended September 30, 2012, while the newest location at Westfield Southcenter opened this quarter.
The Company continued expanding its retail network of more than 20 wholly owned locations to include Santa Monica Place, Arundel Mills, and Westfield Southcenter. Each branch provides the community with a full-service foreign exchange desk offering more than 80 currencies for exchange, while keeping many currencies in stock for immediate availability.
Santa Monica Place, located two blocks from the beach, is the premier shopping destination for locals and tourists in Santa Monica, California. The branch is housed inside the mall guest services desk, creating easy access and visibility for those walking the mall. According to Randolph Pinna, President and CEO of the Company, “The initial reception by the community has been outstanding. The added convenience of currency exchange in the mall gives every business the opportunity to benefit from the service.”
Arundel Mills, located seven miles from the Baltimore-Washington International Airport, just south of Baltimore, contains more than 225 stores with a 24 screen movie theater, a Medieval Times dinner-theater attraction, and Maryland Live!, a 380,000 sq. ft. casino. The mall is within driving distance of the communities in and around Baltimore, Maryland, and North Washington D.C., as well as the U.S. military affiliated communities of Fort Meade and Annapolis, Maryland.
Westfield Southcenter, located 3 miles east of the Seattle-Tacoma International Airport, is just south of Seattle and a 30 minute trip driving north from Tacoma, Washington along the region’s busiest highways. The shopping center contains more than 250 stores and entertainment including an AMC Theatre and nine-full service restaurants. The visitors of the mall frequent from the surrounding communities in Seattle, Washington, Tacoma, Washington, and the joint U.S. Military and Air Force base at Fort Lewis- McChord Air Force base.
About Santa Monica Place
Santa Monica Place features approximately 550,000 square feet on three levels, including a signature rooftop Dining Deck and Market. The center is anchored by Bloomingdale's and Nordstrom and offers guests over 85 specialty stores and dining destinations. Santa Monica Place is owned and managed by Macerich. To get the latest news about Santa Monica Place, visit www.santamonicaplace.com. Additional information about Macerich can be obtained from the Company's Web site at www.macerich.com.
About The Mills, A Simon Company
The Mills® is one of Simon Property Group's five real estate platforms. The Mills offers a unique brand of shopping with a mix of popular name brand outlets, value retailers and full-price stores, plus family- oriented dining and entertainment concepts. The Mills are well-located in major metropolitan markets and many are recognized as leading tourism destinations. Notable properties include Arundel Mills (Baltimore), Gurnee Mills (Chicago), Grapevine Mills (Dallas), Ontario Mills (Los Angeles), Opry Mills (Nashville), Potomac Mills (Washington, DC) and Sawgrass Mills (Ft. Lauderdale/Miami).
About The Westfield Group
The Westfield Group is an internally managed, vertically integrated, shopping centre group undertaking ownership, development, design, construction, funds/asset management, property management, leasing and marketing activities and employing approximately 4,000 staff worldwide. The Westfield Group has interests in and operates one of the world’s largest shopping centre portfolios with investment interests in 110 shopping centres across Australia, the United States, the United Kingdom, New Zealand and Brazil, encompassing approximately 23,500 retail outlets and total assets under management of A$60bn.
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 traveler cheques, and foreign cheque clearing. Related products and 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 subsidiary based in Toronto, Canada through the use of its proprietary software www.ceifx.ca.
Contact Information
For further information please contact: Randolph W. Pinna
President, Chief Executive Officer & Director 407.240.0224
E-mail: [email protected] Website: www.ceifx.com
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This press release includes forward-looking statements within the meaning of applicable securities laws. Forward-looking statements relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable. These statements may involve, but are not limited to, comments relating to preliminary results, guidance, strategies, expectations, planned operations or future actions. Forward-looking statements are identified by the use of terms and phrases such as "preliminary", "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and similar terms and phrases, including references to assumptions.
Forward-looking statements, by their nature, are based on assumptions, including those described herein and are subject to important risks and uncertainties. Forward-looking statements cannot be relied upon due to, amongst other things, changing external events and general uncertainties of the business. Actual results may differ materially from results indicated in forward-looking statements due to a number of factors, including without limitation, the Company’s limited operating history, future capital needs and uncertainty of additional financing, the competitive nature of the industry, currency exchange risks, the need for the Company to manage its planned growth and expansion, the effects of product development and need for continued technology change, protection of proprietary rights, the effect of government regulation and compliance on the Company and the industry, network security risks, the ability of the Company to maintain properly working systems; theft and risk of physical harm to personnel, reliance on key personnel, global economic and financial market deterioration impacting tourism and impeding access to capital or increasing the cost of capital, volatile securities markets impacting security pricing unrelated to operating performance, the ability to enforce judgments against a foreign corporation and its management, as well as the factors identified throughout this news release and those identified in section entitled “Risks and Uncertainties” of the Company’s MD&A for the quarter ended June 30, 2012. The forward-looking statements contained in this news release represent the Company’s expectations as of the date of this news release (or as of the date they are otherwise stated to be made), and are subject to change after such date. However, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
