Currency Exchange Announces Interim Chief Financial Officer Appointment
September 01 2021 - 5:00PM
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
organization.
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, www.cxifx.com (“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 order.ceifx.com (“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, www.ebcfx.com (“EBCFX”), related APIs to core
banking platforms, and personal relationship managers.
Contact Information
For further information please contact: Bill MitoulasInvestor
Relations(416) 479-9547Email: bill.mitoulas@cxifx.comWebsite:
www.cxifx.com
CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING INFORMATIONThis 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.
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