{"id":1098,"date":"2020-06-30T14:25:00","date_gmt":"2020-06-30T14:25:00","guid":{"rendered":"http:\/\/ebc.paulainc.ca\/?p=1098"},"modified":"2024-02-16T15:40:44","modified_gmt":"2024-02-16T15:40:44","slug":"cxi-announces-exchange-bank-of-canada-has-received-regulatory-approval-to-acquire-the-assets-of-a-canadian-international-payments-business","status":"publish","type":"post","link":"https:\/\/ebc.paulainc.ca\/fr\/cxi-announces-exchange-bank-of-canada-has-received-regulatory-approval-to-acquire-the-assets-of-a-canadian-international-payments-business\/","title":{"rendered":"CXI annonce que la Banque d'\u00e9change du Canada a re\u00e7u l'approbation r\u00e9glementaire pour l'acquisition des actifs d'une entreprise canadienne de paiements internationaux."},"content":{"rendered":"

Toronto, Canada \u2013 Currency Exchange International, Corp. (TSX:CXI) (OTCBB:CURN), <\/strong>a full service foreign exchange technology and services provider, is pleased to announce its wholly-owned subsidiary Exchange Bank of Canada (EBC) has received regulatory approval to complete an agreement to acquire the assets of a business operating 24 years in the province of Qu\u00e9bec from the private family owners who were advised by Laurentian Bank Securities. The asset purchase agreement is expected to close on July 29, 2020.<\/p>\n\n\n\n

The assets obtained include a total of approximately 400 active corporate customers that are engaged in international payments. Revenue from this client base has been approximately CDN $1.8 million (unaudited) in the last twelve months. CXI\u2019s management believes that this transaction will be accretive to its annual earnings results. It is expected that approximately nine employees will be retained, including the CEO who will lead EBC\u2019s efforts in Quebec from the EBC Montreal Office. <\/p>\n\n\n\n

Randolph Pinna, President and Chief Executive Officer of EBC, said \u201cExchange Bank of Canada\u2019s entire board of directors, our management team and I are very proud to welcome the majority of the team who have been running the successful FX payments business for the last 24 years. We see this as a significant strategic step forward expanding EBC\u2019s international payment offering including to the many clients it has acquired in Qu\u00e9bec. The customers will enjoy access to EBC\u2019s comprehensive financial services, technology, and highly engaged support resources\u201d.<\/p>\n\n\n\n

The acquired corporate international payment business will be integrated into EBC\u2019s current business. The retained employees are an experienced group capable of streamlining the transition for the corporate customers. Operational efficiencies are expected by bank management due to similar business operations and overlap of some back-office functions. At the request of the seller, further details will remain private.<\/p>\n\n\n\n

\u00c0 propos de Currency Exchange International, Corp.<\/h3>\n\n\n\n

The Company is in the business of providing a range of foreign currency exchange technology and processing services in North America, including the Hawaiian Islands. Primary products and services include the exchange of foreign currencies, wire transfer payments, Global EFTs, purchase and sale of foreign bank drafts, and foreign cheque clearing. Related services include the licensing of proprietary FX software applications delivered on its web-based interface, www.ceifx.com <\/a>(\u201cCEIFX\u201d), and licensing retail foreign currency operations to select companies in agreed locations.<\/p>\n\n\n\n

The Company\u2019s wholly-owned Canadian subsidiary, Exchange Bank of Canada, based in Toronto, Canada, provides foreign exchange and international payment services to financial institutions and select corporate clients in Canada through the use of its proprietary software \u2013 www.ebcfx.com<\/a>.<\/p>\n\n\n\n

Informations sur le contact<\/strong><\/p>\n\n\n\n

Pour de plus amples informations, veuillez contacter
Bill Mitoulas
Relations avec les investisseurs
(416) 479-9547<\/a>
Adresse courriel: bill.mitoulas@cxifx.com<\/a>
Site Web: www.ceifx.com<\/a><\/p>\n\n\n\n

MISE EN GARDE CONCERNANT LES INFORMATIONS PR\u00c9VISIONNELLES<\/h3>\n\n\n\n

Le pr\u00e9sent communiqu\u00e9 de presse contient des informations prospectives au sens des lois sur les valeurs mobili\u00e8res applicables. Ces informations prospectives comprennent, ou peuvent \u00eatre bas\u00e9es sur, des estimations, des pr\u00e9visions et des d\u00e9clarations relatives aux attentes de la direction en ce qui concerne, entre autres, la demande et les perspectives de march\u00e9 pour les produits et services de change de gros et de d\u00e9tail, l'entr\u00e9e propos\u00e9e dans le secteur des services financiers canadiens, la croissance future, le calendrier et l'ampleur des plans d'affaires futurs, les r\u00e9sultats d'exploitation, les performances, les perspectives et les opportunit\u00e9s commerciales. Les d\u00e9clarations prospectives sont identifi\u00e9es par l'utilisation de termes et d'expressions tels que \"anticiper\", \"croire\", \"pourrait\", \"estimer\", \"s'attendre \u00e0\", \"avoir l'intention de\", \"pouvoir\", \"planifier\", \"pr\u00e9dire\", \"pr\u00e9liminaire\", \"projeter\", \"sera\", \"serait\", et d'autres termes et expressions similaires, y compris des r\u00e9f\u00e9rences \u00e0 des hypoth\u00e8ses.<\/em><\/p>\n\n\n\n

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\u2019s 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 business prospects for the international payments business acquisition and the ability to successfully integrate this business on terms which are economic or at all, 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\u2019s 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 as well as the factors identified throughout this press release and in the section entitled \u201cRisks and Uncertainties\u201d of the Company\u2019s Management\u2019s Discussion and Analysis for Quarter Ended April 30, 2020. The forward-looking information contained in this press release represents management\u2019s 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.<\/em><\/p>\n\n\n\n

La Bourse de Toronto n'accepte aucune responsabilit\u00e9 quant \u00e0 l'ad\u00e9quation ou \u00e0 l'exactitude de ce communiqu\u00e9 de presse. Aucune bourse, commission des valeurs mobili\u00e8res ou autre autorit\u00e9 de r\u00e9gulation n'a approuv\u00e9 ou d\u00e9sapprouv\u00e9 les informations contenues dans ce communiqu\u00e9 de presse.<\/em><\/p>","protected":false},"excerpt":{"rendered":"

But sending and receiving international payments can be complex. Financial regulations, geopolitical risks, and fluctuating exchange rates can present significant challenges. Mastering the nuances of international payments is essential for any business that aspires to operate and thrive in a global marketplace.
\nWe\u2019ll cover the common types of international payments, networks that facilitate them, and how businesses can manage them successfully.<\/p>","protected":false},"author":2,"featured_media":1728,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"aside","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-1098","post","type-post","status-publish","format-aside","has-post-thumbnail","hentry","category-media","post_format-post-format-aside"],"acf":[],"yoast_head":"\nCXI Announces Exchange Bank of Canada Has Received Regulatory Approval to Acquire the Assets of a Canadian International Payments Business - EBC<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CXI Announces Exchange Bank of Canada Has Received Regulatory Approval to Acquire the Assets of a Canadian International Payments Business - EBC\" \/>\n<meta property=\"og:description\" content=\"But sending and receiving international payments can be complex. Financial regulations, geopolitical risks, and fluctuating exchange rates can present significant challenges. Mastering the nuances of international payments is essential for any business that aspires to operate and thrive in a global marketplace. 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