Currency Exchange International Announces a 15% and 21% Increase in Revenue for the Three-Months and Fiscal Year Ended October 31, 2023 Versus the Prior Year

TORONTO, Jan. 24, 2024 (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-months and fiscal year ended October 31, 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 fourth quarter of 2023 was another strong quarter that capped a record year for CXI in which the Group generated revenue that was 100% higher than 2019, our last full year before the pandemic. This performance reflects our steadfast commitment to executing against the strategic plan that we developed in 2020. That strategy has seen each business focus fully on growing our global payments offering, expand aggressively into the international banknote marketplace, increase our penetration of financial institutions in the United States, as well as expand our direct-to-consumer reach through our online and agent platforms. The 2022 refresh of our strategic plan also identified specific investments in infrastructure and organizational design changes to enable a more scalable enterprise. Those included establishing Managing Directors for each of Exchange Bank of Canada, CXI Wholesale and CXI’s Direct-to-Consumer divisions, which the Group implemented on November 1, 2022. With this seasoned management team in place, I am confident that CXI will grow to become a global leader in financial currency and exchange services.”

Corporate Highlights for the three-months ended October 31, 2023 compared to the three- months ended October 31, 2022:

• The Banknotes product line experienced significant growth, 17%, with increased market share as both wholesale and consumer demand for foreign currencies continued to improve as international travel reaches near pre-COVID levels in both the U.S. and Canada;
• The Payments product line processed 34,467 payments transactions, representing $3.2 billion in volume compared to 28,845 transactions and $3.2 billion in volume;
• The Group increased growth in the financial institutions sector in the U.S. with the addition of 126 new clients, representing 177 transacting locations; and
• The Group continued its growth in the direct-to-consumer market, adding 45 new non-airport agent locations.

Financial Highlights for the three-months ended October 31, 2023, compared to the three-months ended October 31, 2022: