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CXI Currency Exchange International Corp

26.65
-0.06 (-0.22%)
13 Jun 2024 - Closed
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
  -0.06 -0.22% 26.65 23.00 26.65 26.67 26.07 26.60 29,707 20:59:58

Currency Exchange International Appoints New Director and Chief Anti-Money Laundering Officer

09/07/2014 6:05pm

Marketwired Canada


Currency Exchange International, Corp. (the "Company") (TSX:CXI)(OTCBB:CURN) is
pleased to announce that Ms. Linda A. Stromme will join the Company Board as an
Independent Director and will be appointed to the Audit Committee, subject to
regulatory approval. 


Ms. Stromme brings to CXI a successful 23 year career with the Bank of Montreal,
with executive level roles in Personal and Commercial Banking, Finance, Audit
and Risk Management. Ms. Stromme is now the Principal and Founder of End Result
Coaching & Consulting Inc., providing consulting services to financial
institutions. End Result is an advisor for the University of Toronto, Rotman
School of Management Directors Education Program, providing specific expertise
on risk management governance. Ms. Stromme graduated with a Bachelor of Commerce
(Honours) from the University of Manitoba, is a Chartered Professional
Accountant (CPA, CA), and holds a Certification in Risk Management Assurance
(CRMA). 


Ms. Stromme will be replacing Dr. Sanford Pinna, who is retiring from the board
after several years of service to its shareholders. As the original founder of
Foreign Currency Exchange Corp (FCE) in 1987, Dr. Pinna along with his son
Randolph, grew FCE from a small operation in Tampa to a publically traded
multinational company, later merging with Bank of Ireland in 2003. In 2007,
Randolph Pinna purchased the retail currency exchange division of FCE to create
Currency Exchange International Corp. where Dr. Pinna has provided insight and
strategic advice as a valued Director.


Mr. Randolph W. Pinna, Chairman, President, Chief Executive Officer and director
of Currency Exchange International Corp. stated, "We welcome Linda to the board
of directors of the Company. Linda has significant Canadian banking and risk
management experience which will be invaluable as we grow our business in
Canada. The board would also like to thank Dr. Pinna for his many years of
service and dedication to our shareholders and employees." 


Appointment of Chief Anti-Money Laundering Officer

CXI is also pleased to announce the appointment of Ms. Laura M. Houlihan as Vice
President and Chief Anti-Money Laundering Officer (CAMLO). Ms. Houlihan was
previously Vice President & Senior Global Financial Crimes Compliance Specialist
at Bank of America. Ms. Houlihan brings to CXI over 15 years of anti-money
laundering (AML) and anti-terrorist financing (ATF) compliance experience in the
financial services industry. In her previous roles, she was responsible for
developing, executing and maintaining AML/ATF compliance programs for Canadian
financial institutions. In addition, Ms. Houlihan also previously worked for
Bank of Montreal for 9 years in various roles, including branch audits for
AML/ATF compliance. 


Ms. Houlihan holds the Certified Anti-Money Laundering Specialist (CAMS)
designation. She graduated with a Bachelor of Arts (Honours) specializing in
business and political science from Wilfred Laurier University. 


Mr. Peter Scherer, Chief Financial Officer of CXI stated, "We are very excited
to bring on someone of Laura's caliber and experience to the CXI team to help
oversee the growth of our business so that we continue to grow in a way that
fully meets all regulatory requirements."


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
April 30, 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


Currency Exchange International, Corp.
Bill Mitoulas
Investor Relations
416.479.9547
bill.mitoulas@ceifx.com
www.ceifx.com

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