Currency Exchange International Announces 30% Increase in Revenue for the Three and Six-Months Ended April 30, 2023 versus the Prior Year

TORONTO, June 13, 2023 (GLOBE NEWSWIRE) -- Currency Exchange International, Corp. (the “Group” or “CXI”) (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, 2023 (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.

Randolph Pinna, CEO of the Group, stated, “The second quarter of 2023 demonstrated strong year-over-year growth as increased demand for international travel reaches near pre-COVID levels. The return to more traditional seasonality in travel patterns have translated into the second quarter showing continued strong growth in banknotes leading into the third quarter being the strongest as it relates to banknote revenue. We anticipate this pattern will reoccur in 2023, supported by continued year-over-year growth as international travel is expected to recover to pre-pandemic levels during this year. Continued execution against our strategic plan, in which significant investments are being made in our people, infrastructure and technology platforms to support more efficient future growth remains a top priority. The second quarter continued the successful transition to our new organizational structure that took effect on November 1, 2022, and I am confident that we have the right team and systems to achieve our vision of remaining a leading preferred provider of foreign exchange solutions for financial institutions globally.”

Corporate Highlights for the three-months ended April 30, 2023:

• The Group experienced significant growth, 41% in the Banknotes product line with increased market share as the Group’s subsidiary, Exchange Bank of Canada, continued to leverage the foreign bank international cash services program with the Federal Reserve Bank of New York, and consumer demand for foreign currencies improving as international travel reaches near pre-COVID levels in both the US and Canada;
• The Group continued its focus and investment in the International Payments product line, having processed 30,394 payments transactions, representing $2.6 billion in volume in the three-month period ended April 30, 2023. This compares to 29,120 transactions on $2.8 billion of volume in the three-month period ending April 30, 2022; and
• Increased penetration of the financial institution sector in the U.S. with the addition of 92 new clients, representing 142 transacting locations.

Financial Highlights for the three-months ended April 30, 2023, compared to the three-months ended April 30, 2023: