Press release from Marketwire
Currency Exchange International Signs Agreement With Valley National Bank
Tuesday, October 08, 2013
Currency Exchange International Signs Agreement With Valley National Bank11:58 EDT Tuesday, October 08, 2013
ORLANDO, FLORIDA--(Marketwired - Oct. 8, 2013) - Currency Exchange International, Corp. (the "Company") (TSX:CXI) (OTCBB:CURN), is pleased to announce that it has signed an agreement with Valley National Bank to provide foreign currency exchange services to the bank starting immediately.
The agreement with Valley National Bank establishes CXI as its foreign banknote vendor and provides the bank with the company's proprietary software, CEIFX, to fulfill the process. Valley National Bank operates over 200 branches throughout northern and central New Jersey, Manhattan, Brooklyn, Queens and Long Island.
Utilizing CEIFX allows the bank access to 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.
"We are excited and proud to announce our partnership with Currency Exchange International," remarked First Senior Vice President Andrea Onorato. "For over 85 years, we have been dedicated to providing services that simplify and improve our customers' banking experience. By partnering with CXI, we are offering convenient and worry-free foreign currency exchange services from a trusted and reliable company that shares our customer-focused strategy."
About Valley National Bank
Valley National Bancorp is a regional bank holding company headquartered in Wayne, New Jersey with $16 billion in assets. Its principal subsidiary, Valley National Bank, currently operates 205 branches in 145 communities serving 16 counties throughout northern and central New Jersey, Manhattan, Brooklyn, Queens and Long Island. Valley National Bank is one of the largest commercial banks headquartered in New Jersey and is committed to providing the most convenient service, the latest in product innovations and an experienced and knowledgeable staff with a high priority on friendly customer service 24 hours a day, 7 days a week.
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