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.
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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