Currency Exchange International Announces Financial Results for the Three-and Six- Month Period Ended April 30, 2020

TORONTO, June 11, 2020 (GLOBE NEWSWIRE) -- Currency Exchange International, Corp. (the “Company”) (TSX:CXI; OTCBB:CURN), announces its financial results and management's discussion and analysis ("MD&A") for the three-and six-month periods ended April 30, 2020 (all figures are in U.S. dollars except where otherwise indicated). The complete financial statements and MD&A can be found on the Company's SEDAR profile at www.sedar.com.

On March 11, 2020 the World Health Organization (WHO) officially declared COVID-19, the disease caused by a novel coronavirus, a pandemic.  As a result of measures to curtail COVID-19, the Company closed all of its retail locations on or around March 24, 2020, and they remained closed at April 30, 2020 with the majority of the retail employees furloughed.  In addition, many of its commercial customers have been impacted by the pandemic, resulting in reduced demand for banknotes.  While the Company continues to operate, it is not possible to reliably estimate the duration and severity of these consequences as well as their impact on the financial position and results of future periods.

Randolph Pinna, CEO of the Company stated, “The second quarter of 2020 was a tale of two contrasting stories.  The first half continued the strong performance that was demonstrated in Q1, coupled with a complete reversal of fortune in the second half as the impact of the novel coronavirus impacted strongly and swiftly.  As a result of the travel restrictions and stay-at-home orders, CXI suffered a dramatic decline in the demand to exchange foreign banknotes.  While some of our retail locations have recently reopened, we face a period of uncertainty before a return to pre-crisis volumes.  Accordingly, we have implemented cost reduction actions and are planning a sustainable path forward as we look out to the next fiscal year and beyond.  CXI has a strong capital base and sufficient liquidity to allow us to weather this storm as we reposition the business for the new normal that lies ahead.  Our payments business continues to grow and we expect it to become a larger proportion of our revenue in the future.  We believe that CXI will emerge as a leader in the industry as weaker competitors fade away and more financial institutions seek us out to become their solution provider because of our unique set of capabilities.”