TORONTO, ON / ACCESS Newswire / May 4, 2026 / Currency Exchange International, Corp. (the "Group" or "CXI") (TSX:CXI)(OTCQX:CURN) today announced the completion of the previously disclosed discontinuance of its wholly-owned subsidiary, Exchange Bank of Canada ("EBC"), marking the conclusion of EBC's orderly exit from Canada.
As disclosed in CXI's February 18, 2025 press release, the Board approved a strategic decision to cease the operations of Exchange Bank of Canada and to pursue regulatory approval for its discontinuance under the Bank Act following a review of strategic alternatives conducted by a Special Committee of independent directors. That strategy was intended to allow CXI to reallocate resources toward higher-growth opportunities within its U.S. fintech and payments platform while ensuring an orderly transition for EBC's stakeholders.
On April 27, 2026, the Minister of Finance approved, pursuant to paragraph 39.1(1)(a) of the Bank Act, the application by Exchange Bank of Canada to apply for a certificate of continuance under the Canada Business Corporations Act ("CBCA") and to discontinue as a bank under the Bank Act. On April 28, 2026, EBC was continued as a numbered corporation under section 187 of the CBCA, and on April 29, 2026 the entity was dissolved pursuant to subsection 210(3) of the CBCA. These approvals and filings represented the final regulatory milestone required to complete EBC's orderly exit from Canada, which is now complete.
Additionally, CXI wishes to provide an update regarding the voting results of its annual general and special meeting held on March 24, 2026 (the "Meeting"), as previously announced on March 24, 2026 (the "March Release"). In accordance with the policies of the TSX, CXI confirms that disinterested shareholders (being all shareholders other than Randolph Pinna, his associates and his affiliates, who collectively hold 1,408,846 common shares)-adopted the resolution approving CXI's Shareholder Rights Plan, as set forth in the Information Circular of the issuer dated February 3, 2026. All voting results disclosed in the March Release remain accurate, and all items of business put forth at the Meeting have been passed.
For more information, please refer to the Company's information circular dated February 3, 2026, available on its SEDAR profile at www.sedarplus.com.
About Currency Exchange International, Corp.
Currency Exchange International is in the business of providing comprehensive foreign exchange technology and processing services for banks, credit unions, businesses, and consumers in the United States and select clients globally. Primary products and services include the exchange of foreign currencies, wire transfer payments, Global EFTs, and foreign cheque clearing. Wholesale customers are served through its proprietary FX software applications delivered on its web-based interface, www.cxifx.com ("CXIFX"), its related APIs with core banking platforms, and through personal relationship managers. Consumers are served through Group-owned retail branches, agent retail branches, and its e-commerce platform, order.ceifx.com ("OnlineFX").
Contact Information
For further information please contact:
Bill Mitoulas, Investor Relations
(416) 479-9547
Email: bill.mitoulas@cxifx.com
Website: www.cxifx.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This press release includes forward-looking information within the meaning of applicable securities laws. This forward-looking information includes, or may be based upon, estimates, forecasts, and statements as to management's expectations with respect to, among other things, demand and market outlook for wholesale and retail foreign currency exchange products and services, future growth, the timing and scale of future business plans, results of operations, performance, and business prospects and opportunities. Forward-looking statements are identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "preliminary", "project", "will", "would", and similar terms and phrases, including references to assumptions.
Forward-looking information is based on the opinions and estimates of management at the date such information is provided, and on information available to management at such time. Forward-looking information involves significant risks, uncertainties and assumptions that could cause the Group's actual results, performance, or achievements to differ materially from the results discussed or implied in such forward-looking information. Actual results may differ materially from results indicated in forward-looking information due to a number of factors including, without limitation, the competitive nature of the foreign exchange industry; evolving worldwide geopolitical developments and pandemics including COVID-19 all of which may continue to have a material adverse effect on global economic activity, and may continue to result in volatility and disruption to global supply chains, operations, mobility of people and the financial markets which impact personal and business travel, tourism and factors relevant to the Group's business; global economic deterioration negatively impacting tourism in general; currency exchange risks, the need for the Group to manage its planned growth, the effects of product development and the need for continued technological change, protection of the Group's proprietary rights, the effect of government regulation and compliance on the Group and the industry in which it operates, network security risks, the ability of the Group to maintain properly working systems, theft and risk of physical harm to personnel, reliance on key management personnel; volatile securities markets impacting security pricing in a manner unrelated to operating performance and impeding access to capital or increasing the cost of capital as well as the factors identified throughout this press release and in the section entitled "Risks and Uncertainties" of the Group's Management's Discussion and Analysis for the three-month periods ended January 31, 2026 and 2025. Forward-looking information contained in this press release represents management's expectations as of the date hereof (or as of the date such information is otherwise stated to be presented) and is subject to change after such date. The Group 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 under applicable securities laws.
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this press release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this press release.
SOURCE: Currency Exchange International, Corp.
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/banking-and-financial-services/currency-exchange-international-completes-dissolution-of-exchange-ba-1163247
