Mr. Bill Mitoulas reports
CURRENCY EXCHANGE INTERNATIONAL, CORP. ANNOUNCES RENEWAL OF SHARE BUYBACK PROGRAM AND AUTOMATIC SECURITIES PURCHASE PLAN
The Toronto Stock Exchange has accepted Currency Exchange International Corp.'s notice of intention to renew its normal course issuer bid (NCIB) and automatic securities purchase plan (ASPP) to purchase for cancellation a maximum amount of 359,617 common shares of the company, representing 10 per cent of the company's public float as of Nov. 18, 2025.
As of Nov. 18, 2025, Currency Exchange had 6,134,120 common shares issued and outstanding.
Purchases under the NCIB may commence on Dec. 2, 2025, and will terminate on Dec. 1, 2026, or at such earlier date in the event that the maximum number of shares sought in the NCIB has been repurchased. Currency Exchange reserves the right to terminate the NCIB earlier if it feels that it is appropriate to do so.
All shares will be purchased on the open market through the facilities of the TSX, as well as on alternative Canadian trading platforms, at prevailing market rates, and any shares purchased by Currency Exchange will be cancelled. The actual number of shares that may be purchased and the timing of any such purchases will be determined by Currency Exchange. Any purchases made by Currency Exchange pursuant to the NCIB will be made in accordance with the rules and policies of the TSX.
During the most recently completed six months, the average daily trading volume for the common shares on the TSX was 2,418. Consequently, under the policies of the TSX, Currency Exchange will have the right to repurchase under its NCIB, during any one trading day, a maximum of 1,000 shares. In addition, Currency Exchange will be allowed to make a block purchase (as such term if defined in the TSX company manual) once per week of shares not directly or indirectly owned by the insiders of Currency Exchange, in accordance with TSX policies. Currency Exchange will fund the purchases through available cash.
Currency Exchange's group chief executive officer, Randolph Pinna, and the board of directors believe the underlying value of Currency Exchange may not be reflected in the market price of its common shares from time to time and that, at appropriate times, repurchasing its shares through the NCIB may represent a good use of Currency Exchange's financial resources, as such action can protect and enhance shareholder value when opportunities or volatility arise. Therefore, the board of directors has determined that the NCIB is in the best interest of Currency Exchange and its shareholders.
The company obtained TSX approval for a previous notice of intention to conduct a normal course issuer bid to purchase up to 377,000 common shares for the period between Dec. 2, 2024, to Dec. 1, 2025. Under the previous bid, the company repurchased 323,500 common shares at a volume weighted average price of $21.30 through the facilities of the TSX, as well as on alternative Canadian trading systems at prevailing market rates.
The company has entered into an ASPP with its broker to allow for the automatic purchase of shares under the NCIB. Such purchases will be determined by the broker in its sole discretion based on parameters established by the company in accordance with the rules of the TSX, applicable securities laws and the terms of the ASPP. The ASPP has been precleared by the TSX and will be implemented effective Dec. 2, 2025. All repurchases made under the ASPP will be included in computing the number of Shares purchased under the NCIB.
About Currency Exchange International Corp.
Currency Exchange 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 (electronic funds transfers) and foreign cheque clearing. Wholesale customers are served through its proprietary FX (foreign exchange) software applications delivered on its web-based interface, CXIFX, its related APIs (application programming interfaces) with core banking platforms and through personal relationship managers. Consumers are served through group-owned retail branches, agent retail branches and Currency Exchange's e-commerce platform, OnlineFX.
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