Currency Exchange International Announces Financial Results for the Three-Month Period and Financial Year Ended October 31, 2020

TORONTO, Jan. 27, 2021 (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 months and year ended October 31, 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. Measures enacted to curtail COVID-19 by various governments have significantly impacted travel and tourism, and therefore the demand for foreign currencies. The Company has experienced a material decline in revenue as a result. 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 “Despite the many challenges that the coronavirus pandemic has presented to the business, including an unprecedented curtailment in banknote demand due to international travel restrictions, it has galvanized management to execute on its diversification strategy. We are ever-more confident in the future of Exchange Bank of Canada, as it enters the ‘scale-up’ phase in the corporate payments space. The acquisition that was completed in the third quarter was a key catalyst in this respect, and we are gaining momentum with the addition of new salespeople in the first quarter of 2021. In the U.S., we have been adding to our wholesale customer base of financial institutions throughout the entire year. They are attracted to our proprietary platform that integrates with their systems, and our multi-product offering. The market for banknotes is consolidating, and this will provide CXI with the ability to grow its revenue more quickly as activity returns. We have maintained strong liquidity throughout this period, and are well-positioned to execute our diversification strategy while also capitalizing on our already significant share of the banknote market as travel restrictions abate. I want to acknowledge the loyalty and great effort from our employees in a very challenging time.”