Business News • MarketWire • Currency Exchange International Announces Asset Purchase Agreement with U.S. Exchange House |
Currency Exchange International Announces Asset Purchase Agreement with U.S. Exchange House |
|
|
Currency Exchange International Announces Asset Purchase Agreement with U.S. Exchange House
TORONTO, ONTARIO--(Marketwired - March 20, 2014) - Currency Exchange International, Corp. (the "Company") (TSX:CXI) (OTCBB:CURN) announces today that its subsidiaries, Currency Exchange International America Corp. and Currency Exchange International of Canada Corp. ("CXIC"), have entered into a binding Letter of Intent with U.S. Exchange House, Inc. ("USEH"), for the purchase of its assets pertaining to the wholesale banknote operations that are currently located in the United States of America and Canada. The asset purchase is expected to be completed by the end of March with completion being subject to normal course due diligence activities and satisfaction of the usual terms and conditions of a transaction of this nature. The USEH banknote business will be merged and integrated into the Company's current banknote business and continue to use the Currency Exchange International, Corp. brand name. Operational efficiencies are expected by Company management due to the very similar business operations and overlap of back office functions. CXI expects to continue to grow its banknote business due to the increased customer base.
View More : http://www.marketwired.com/mw/release.do?id=1890875&sourceType=3
|
|
|