TORONTO, Oct. 11, 2022 (GLOBE NEWSWIRE) — Currency Swap International, Corp. (the “Company”) (TSX: CXI; OTCBB: CURN) is pleased to announce that Gerhard Barnard has been appointed Group Chief Financial Officer, effective 11 October 2022. Alan Stratton, who has served as interim Group Chief Financial Officer since September 2021, will step down. Mr. Stratton will remain with the Company’s subsidiary, Exchange Bank of Canada (EBC), as interim Chief Financial Officer.
Mr. Barnard (CPA, CMA) is a seasoned financial executive and brings extensive experience in financial planning and analysis, risk management, public company reporting, mergers and acquisitions, and investment management. He also brings extensive currency and international payments experience. Most recently, and for more than fifteen years, Mr. Barnard served as Chief Financial Officer and Senior Vice President of a publicly traded financial group providing investment account services, corporate and shareholder services and health spending accounts.
“The Board of Directors and senior management are delighted to welcome Gerhard to the Orlando-based leadership team,” said Randolph Pinna, President and CEO of CXI and EBC. “He joins us at an important time in our future growth. His vast experience and knowledge of business and financial management will support and build on the positive momentum CXI has developed in 2022.” Mr. Pinna added, “The Board would like to thank Alan for his support during the of the last year. We are delighted that he will remain with EBC and we will continue to benefit from his knowledge and experience.
About Currency Exchange International, Corp.
Currency Exchange International’s mission is to provide comprehensive foreign exchange technology and processing services for banks, credit unions, businesses and consumers in the United States and select customers globally. Major products and services include foreign currency exchange, wire transfer payments, global EFTs and foreign check clearing. Wholesale clients are served through its proprietary FX software applications provided on its web interface, www.cxifx.com (“CXIFX”), its associated APIs with major banking platforms and through personal relationships. Consumers are served through the Company’s owned retail branches, agent retail branches and its order.ceifx.com (“OnlineFX”) electronic commerce platform.
The Company’s wholly-owned Canadian subsidiary, Exchange Bank of Canada, based in Toronto, Canada, provides foreign exchange and international payment services in Canada and certain foreign jurisdictions. Clients are served through the use of its proprietary software, www.ebcfx.com (“EBCFX”), APIs linked to major banking platforms and personal relationship managers.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This press release contains forward-looking information within the meaning of applicable securities laws. Such forward-looking information includes, or may be based on, estimates, forecasts and statements as to management’s expectations regarding, among other things, market demand and prospects for wholesale and detail, future growth, the timing and extent of future business plans, results of operations, performance and business prospects and opportunities. Forward-looking statements are identified by the use of words and phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may “, “plan”, “predict”, “preliminary”, “project”, “will”, “would” and similar terms and expressions, including references to assumptions.
Forward-looking information is based on the opinions and estimates of management as of the date such information is provided, and on information available to management at that time. Forward-looking information involves significant risks, uncertainties and assumptions that could cause the actual results, performance or achievements of the Company to differ materially from the results discussed or implied by such forward-looking information. Actual results may differ materially from the results indicated in the forward-looking information due to a number of factors, including, but not limited to, the competitive nature of the foreign exchange industry, the impact of the COVID-19 coronavirus on factors relevant to the Company’s business, exchange rate risks, the need for the Company to manage its anticipated growth, the effects of product development and the need for continuous technological change, the protection of the proprietary rights of the Company, the effect of government regulation and compliance on the Company and the industry in which it operates, network security risks, the Company’s ability to maintain systems in good working order, theft and risk of physical harm to staff, dependence on key management personnel, deterioration of the global economy negatively impacting tourism, volatility ed of the securities markets affecting the pricing of securities in a way unrelated to operating performance and hindering access to capital or increasing the cost of capital as well as the factors identified throughout this press release and in the section titled “Risks and Uncertainties” of the Company’s MD&A for the year ended October 31, 2021. The forward-looking information contained in this press release represents management’s expectations as of the date hereof (or as of the date on which such information is otherwise indicated as required 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 by applicable securities laws.
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