Currency Exchange International Signs Agreement With Mechanics Bank
Currency Exchange International Signs Agreement With Mechanics Bank
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.
October 18, 2012
Orlando, Florida – Currency Exchange International, Corp. (the “Company”) (TSX:CXI.S) (TSX:CXI.WT.S), is pleased to announce that it has reached an agreement with Mechanics Bank and has installed foreign currency inventory at three locations near California’s Bay Area.
The agreement with Mechanics Bank, a community bank headquartered in California’s Bay Area, provides three of the bank’s California locations, Mechanics Bank North Roseville, Walnut Creek, and Oakland with foreign currency inventory placed on consignment. The foreign currency inventory, generally consisting of Euros, U.K. Pounds, Japanese Yen, and both Australian and Canadian Dollars, is available for immediate purchase by account holders and non-account holders affording customers the convenience of same-day currency exchange at the bank. All other foreign currencies sold to customers, of the more than 80 offered in total, can be exchanged at these locations with a one day turnaround. The Company continues to operate two retail branches as implants inside Mechanics Bank’s San Francisco and Berkeley branches.
This new element to the long-standing relationship between Mechanics Bank and the Company was described by Randolph Pinna, President and CEO of CXI as, “A great step forward in providing the best possible customer service for foreign currency exchange any bank can offer, by having immediate availability of currencies for popular destinations such as Europe, Canada and Mexico. Mechanics Bank agrees with the view that having foreign currency on-site facilitates convenient, easy, and both time and money-saving transactions for everyone.”
About Mechanics Bank
For more than a century, Mechanics Bank has been committed to helping people build prosperous communities as a trusted financial partner, forging lasting relationships through teamwork, respect and integrity. The bank has consistently been recognized as one of the Top 100 Corporate Philanthropists in the Bay Area and one of the Best Places to Work in the Bay Area. The $3 billion independent bank, headquartered in Richmond, California, offers personal banking, business banking, trust, and wealth management services across Northern California. For more information, please visit www.mechanicsbank.com.
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.
Contact Information
For further information please contact: Randolph W. Pinna
President, Chief Executive Officer & Director 407.240.0224
E-mail: [email protected] Website: www.ceifx.com
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This press release includes forward-looking statements within the meaning of applicable securities laws. Forward-looking statements relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable. These statements may involve, but are not limited to, comments relating to preliminary results, guidance, strategies, expectations, planned operations or future actions. Forward-looking statements are identified by the use of terms and phrases such as "preliminary", "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and similar terms and phrases, including references to assumptions.
Forward-looking statements, by their nature, are based on assumptions, including those described herein and are subject to important risks and uncertainties. Forward-looking statements cannot be relied upon due to, amongst other things, changing external events and general uncertainties of the business. Actual results may differ materially from results indicated in forward-looking statements due to a number of factors, including without limitation, the Company’s limited operating history, future capital needs and uncertainty of additional financing, the competitive nature of the industry, currency exchange risks, the need for the Company to manage its planned growth and expansion, the effects of product development and need for continued technology change, protection of proprietary rights, the effect of government regulation and compliance on the Company and the industry, network security risks, the ability of the Company to maintain properly working systems; theft and risk of physical harm to personnel, reliance on key personnel, global economic and financial market deterioration impacting tourism and impeding access to capital or increasing the cost of capital, volatile securities markets impacting security pricing unrelated to operating performance, the ability to enforce judgments against a foreign corporation and its management, as well as the factors identified throughout this news release and those identified in section entitled “Risks and Uncertainties” of the Company’s MD&A for the quarter ended June 30, 2012. The forward-looking statements contained in this news release represent the Company’s expectations as of the date of this news release (or as of the date they are otherwise stated to be made), and are subject to change after such date. However, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
Currency Exchange International (CXI) is a leading provider of foreign currency exchange services in North America for financial institutions, corporations, and travelers. Products and services for international travelers include access to buy and sell more than 80 foreign currencies, gold bullion coins and bars. For financial institutions, our services include the exchange of foreign currencies, international wire transfers, purchase and sale of foreign bank drafts, international traveler’s cheques, and foreign cheque clearing through the use of CXI’s innovative CEIFX web-based FX software www.ceifx.com
