Currency Exchange International Seeks Acquisitions
January 10, 2018 at 12:00 am
Share
Currency Exchange International, Corp. (TSX:CXI) is seeking acquisitions. Randolph W. Pinna, President, Chief Executive Officer and Chairman of Currency Exchange International said, “We've been in discussions with an entity that has a business that's roughly $2 million in revenue, so it's a small little add-on, if you will, but it is 100% corporation-focused. And because we're in -- there's some paper out there that's been signed of discussions, we -- I feel better not discussing it until it could become public. But to your question, the answer is yes. We are -- have identified actually 2 entities, one in the U.S. and one in Canada, that are small but would be nice add-ons. One is 100% payments. The other one is a mix, more currency than payments, but they do both. The second one is actually a customer of ours, and the owner is retiring. But nothing is concrete yet. We're not at the stage of making a release because it's still early, but you could see a transaction this year.”
Currency Exchange International, Corp. is a foreign exchange technology and service provider. It provides a range of foreign exchange services to clients in the United States and through its subsidiary, Exchange Bank of Canada, in Canada. The Company provides comprehensive foreign exchange services, risk management solutions, and integrated international payments processing technology in North America. Its technology platform, CXIFX, delivers foreign currency services, such as foreign banknote exchange, foreign and US travelers' cheques, foreign and US travelers' cheques, foreign draft issuance, global EFTs and international wire payments. Its foreign bank note exchange services, which enable customers to buy and sell more than 80 foreign currencies from around the world, remove teller errors with its automated transaction process and updated banknote verification images and others. It serves various industries, including travel, technology, payroll, healthcare and nonprofit.