Currency Exchange International Signs Agreement With American Momentum Bank
June 17 2013 - 7:07AM
Marketwired
Currency Exchange International, Corp. (TSX:CXI)(OTCBB:CURN) is
pleased to announce that it has signed an agreement with American
Momentum Bank to provide foreign currency exchange services to the
bank starting immediately.
The agreement with American Momentum Bank establishes CXI as its
foreign banknote vendor and provides the bank with the company's
proprietary software, CEIFX, to fulfill the process. American
Momentum Bank has 20 banking centers in Florida, including Tampa,
Orlando, and Southwest Florida areas, as well as the Bryan/College
Station area in Texas.
Utilizing CEIFX gives 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 to offer a solution to American Momentum Bank
that will successfully enhance their bottom line and services
offered to their account holders," Randolph Pinna, President and
CEO of CXI said.
About American Momentum Bank
American Momentum Bank, which had total assets of $1.0 billion
at Dec. 31, 2012, provides comprehensive products and services for
businesses and individuals. In addition to three full-service Texas
banking centers in Bryan/College Station, American Momentum has a
loan production office in Dallas and nearly 20 banking centers in
Florida, including Tampa, Clearwater, St. Petersburg, Sarasota,
Lakewood Ranch, Naples, Winter Garden and Orlando. Because of its
strong capital levels, American Momentum Bank is positioned as one
of the strongest, most secure banks in the United States.
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 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.
Contacts: Currency Exchange International, Corp. Randolph W.
Pinna President, Chief Executive Officer & Director
407.240.0224Randolph@ceifx.com www.ceifx.com
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