Press release from Marketwire
Currency Exchange International Adds Four New Retail Branches
Wednesday, August 14, 2013
Currency Exchange International Adds Four New Retail Branches10:04 EDT Wednesday, August 14, 2013
ORLANDO, FLORIDA--(Marketwired - Aug. 14, 2013) - Currency Exchange International, Corp. (TSX:CXI)(OTCBB:CURN), is pleased to announce the summer openings of four new branches, in as many cities, continuing the strategic growth of its branch network. The four new locations are:
- Westfield MainPlace Mall, Santa Ana, California
- The Shops at North Bridge, Chicago, Illinois
- Westfield Montgomery Mall, Bethesda, Maryland
- Penn Station area branch, New York, New York.
CXI wholly owns and operates a total of 26 branches in various international hot spots across the United States with its four new locations opening in both new and established markets. Each branch provides the community with a full-service foreign exchange desk offering more than 80 currencies for exchange, while keeping many foreign currencies in stock for immediate availability for consumers.
Westfield MainPlace, located five miles from the Disneyland Resorts, is an indoor shopping center with three levels and more than 1 million square feet of space on the border of Anaheim and Santa Ana, California. The currency exchange branch is found in front of the first level security desk, next to Macy's. This is the company's ninth branch opening in California and fifth in the greater Los Angeles area.
The Shops at North Bridge, located on the Magnificent Mile, is in the premier shopping district for locals and tourists in Chicago, Illinois. The branch is housed at the mall guest services desk, creating easy access and visibility for those walking the mall. Randolph Pinna, President and CEO of CXI said, "We are excited to bring the CXI brand into a new market that is underserved in terms of quality foreign currency exchange options."
Westfield Montgomery, located minutes outside of Washington, DC, is an upscale shopping center in Bethesda, Maryland. The mall is currently going through revitalization upgrades that will expand the mall to more than 1.5 million square feet featuring more than 200 stores. "Westfield Montgomery is centrally located on the Capital Beltway providing easy access for the north side of the district, while CXI's Potomac Mills location compliments the south side," described CXI's COO Matt Schillo.
The Penn Station area branch, located at 7th Avenue and 31st Street, is inside the Apple Bank branch across from Penn Station in Manhattan, New York. This is the company's third entry into the market, which welcomes more than 10 million international visitors annually, bolstering its presence focused in the popular midtown area.
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 "Risk Factors" of the Company's Management's Discussion and Analysis for the year ended September 30, 2012. 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