Currency Exchange Announces Interim Chief Financial Officer Appointment
TORONTO, Sept. 01, 2021 (GLOBE NEWSWIRE) -- 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.
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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, 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.
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