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CXI Currency Exchange International Corp

26.65
0.00 (0.00%)
Last Updated: 15:09:51
Delayed by 15 minutes
Share Name Share Symbol Market Type
Currency Exchange International Corp TSX:CXI Toronto Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 26.65 26.51 26.65 26.65 26.63 26.63 800 15:09:51

Currency Exchange International Announces Asset Purchase Agreement with U.S. Exchange House

20/03/2014 3:02pm

Marketwired Canada


Currency Exchange International, Corp. (the "Company") (TSX:CXI) (OTCBB:CURN)
announces today that its subsidiaries, Currency Exchange International America
Corp. and Currency Exchange International of Canada Corp. ("CXIC"), have entered
into a binding Letter of Intent with U.S. Exchange House, Inc. ("USEH"), for the
purchase of its assets pertaining to the wholesale banknote operations that are
currently located in the United States of America and Canada. The asset purchase
is expected to be completed by the end of March with completion being subject to
normal course due diligence activities and satisfaction of the usual terms and
conditions of a transaction of this nature. The USEH banknote business will be
merged and integrated into the Company's current banknote business and continue
to use the Currency Exchange International, Corp. brand name. Operational
efficiencies are expected by Company management due to the very similar business
operations and overlap of back office functions. CXI expects to continue to grow
its banknote business due to the increased customer base. 


About U.S. Exchange House, Inc.

USEH operates its wholesale banknote and related businesses in Los Angeles and
Toronto. Its quality service has led to a portfolio of many loyal clients. USEH
traders include a team of professionals with complementary skills and strength. 


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 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,
CXIC, based in Toronto, Canada through the use of CEIFX. 


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, successful completion of the asset
acquisition, continued growth of the Company's banknote business, increase in
net revenues based on the acquisition, 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, 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, and the regulatory approval process
for a new Canadian Schedule I bank, 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 Three-Month Period Ended
January 31, 2014. 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Currency Exchange International, Corp.
Randolph W. Pinna
President and Chief Executive Officer
407.240.0224
Randolph@ceifx.com
www.ceifx.com

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