Currency Exchange International Brings Foreign Exchange Services Back to First American Bank
ORLANDO, FLORIDA--(Marketwired - June 24, 2013) - Currency Exchange International, Corp. (TSX:CXI)(OTCBB:CURN), is pleased to announce that it has executed an agreement with First American Bank to reestablish the bank's foreign currency exchange services.
The agreement, executed in April, establishes CXI as First American Bank's foreign banknote vendor. The Chicago based bank, with nearly 50 area locations, utilizes the CXI's proprietary software, CEIFX, to fulfill the process. Prior to the agreement, First American Bank had not provided foreign currency exchange for its customers in more than five years.
Utilizing CEIFX allows the bank to access buying and selling more than 80 foreign currencies, full reporting functionality, and a customer support structure to fulfill the bank customer's currency exchange needs quickly and securely, while remaining compliant with all federal regulations.
"CXI has made the foreign currency program a turnkey process from training to deployment, the program created no disruption to our normal activity. It is great to have such a provider, allowing us to expand our client services in a way our customers can appreciate as well as create a new line of revenue for the bank," Adelbert Spaan, Executive Vice-President of First American Bank said.
About First American Bank
First American is a privately owned $2.8 billion asset bank headquartered in Elk Grove, IL (www.firstambank.com). For more than 40 years, First American Bank has been focusing on building long-term relationships with customers in the Chicagoland area through high-quality solutions and exceptional service. The bank's extensive services range from personal products and services to commercial banking and wealth management. First American Bank prides itself on delivering the expertise and resources of a larger bank combined with the friendly, personal attention of a local community bank. First American Bank's size and management structure allows the bank to respond quickly with tailor made solutions that reflect a deep understanding of each customer's goals and potential for growth. Member FDIC.
About Currency Exchange International, Corp.
The Company is in the business of providing a range of foreign currency exchange and related financial 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.
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, 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 the three and six months ended March 31, 2013. 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, Chief Executive Officer & Director