Press release from Marketwire
Currency Exchange International Executes Agreement With First Interstate Bank
Wednesday, November 20, 2013
Currency Exchange International Executes Agreement With First Interstate Bank09:32 EST Wednesday, November 20, 2013
ORLANDO, FLORIDA--(Marketwired - Nov. 20, 2013) - Currency Exchange International, Corp. (TSX:CXI) (PINKSHEETS:CURN), is pleased to announce that it has signed an agreement with First Interstate Bank to provide foreign currency exchange services to the bank starting immediately.
The agreement with First Interstate Bank establishes CXI as a vendor of foreign currency services such as banknotes fulfillment and foreign check processing. The bank gains access to the company's proprietary software, CEIFX, to fulfill the process. Utilizing CEIFX allows the bank to buy and sell more than 80 foreign currencies, run robust and versatile reports, and provides customer support structure to ensure the bank satisfies it's customer's currency exchange needs quickly and securely, while remaining compliant with all federal regulations.
First Interstate Bank is a $7.3 billion community banking organization, operating 74 banking offices, along with online and mobile banking services, throughout Montana, Wyoming, and South Dakota. As a recognized leader in community banking services, First Interstate remains a family business whose culture is driven by strong family and corporate values, as well as a commitment to exemplary customer service, exceeding customer expectations through its products and services and supporting, with leadership and resources, the communities we serve.
Kevin Guenthner, Chief Information Officer, First Interstate Bank stated, "CXI has established a product line and software that produces clear benefits to First Interstate Bank. We look forward to a long lasting and productive relationship."
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