WOO X Introduces Demo Copy: Zero-cost Crypto Paper Trading
KINGSTOWN, St. Vincent and the Grenadines, March 12, 2025 (GLOBE NEWSWIRE) -- WOO X, a leading global crypto trading platform, has introduced Demo Copy, a crypto paper trading feature designed for traders looking to explore copy trading in a simulated environment. This new tool allows users to simulate following top traders, test strategies, and gain confidence before committing real funds.
For many, copy trading is appealing but comes with hesitation—uncertainty about strategy performance and fear of losses. Demo Copy addresses these challenges by offering a simulated way to try copy trading, thereby helping traders make informed decisions before going live.
With Demo Copy, users can:
Simulate trades by copying lead traders without using real funds.
Track performance through key metrics like ROI and PnL in an interactive dashboard.
Compare strategies across different traders to identify the best performers.
Counter-copy underperforming traders by taking the opposite position.
Seamlessly transition to real copy trading with insights gained from Demo Copy.
Ben Yorke, VP of Ecosystem at WOO, explains: 'Many traders hesitate to start copy trading due to concerns over financial loss. Demo Copy addresses these concerns by providing a simulated environment where users can test real strategies, without exposing themselves to the immediate risks associated with live trading. By making trading more accessible and lowering entry barriers, it encourages wider crypto adoption.'
Beyond giving users a safe way to explore trading strategies, WOO X will analyze the impact of Demo Copy on real copy trading adoption, ensuring continuous improvements to the experience.
Demo Copy builds upon WOO X's Social Trading features while reinforcing its commitment to innovation, fairness, and risk management. WOO X Social Trading is uniquely designed to empower traders with:
CounterTrading – A feature that lets users strategically hedge against lead traders, offering more opportunities in varying market conditions.
Fair Profit-Sharing Model – Ensuring users only share profits when they're truly in profit, bringing transparency and fairness to trades.
Enhanced Risk Management – With tools like WOO Shield and isolated portfolios, users have greater control over their strategies.
With this launch, WOO X continues to lead in user-centric trading innovations, giving traders smarter tools to succeed in the crypto markets.
Try Demo Copy today on WOO X.
About WOO X
WOO X is a global centralized crypto futures and spot trading platform offering the best-in-class liquidity and price execution. WOO X has achieved a daily volume exceeding $1.6 billion and is home to hundreds of thousands of traders worldwide. WOO X traders benefit from radical transparency through our industry-first live Proof of Reserves & liabilities dashboard and the company's mission to maintain the trust of its growing community of traders.
Disclaimer:
The information contained in this article is provided for general informational purposes only and does not constitute investment, financial, or legal advice. Demo Copy is a simulated trading tool designed to allow users to evaluate copy trading strategies in a controlled, non-live environment. Simulated results and performance metrics, including but not limited to ROI and PnL, are for illustrative purposes only and may not accurately reflect actual trading outcomes when real funds are used. Trading in crypto markets involves significant risks, and past performance is not indicative of future results. You should conduct your own independent research and consult with qualified professional advisors before making any decisions relating to crypto transactions. WOO X disclaims any liability arising from the use of the information contained herein and reserves the right to modify or discontinue Demo Copy and related features at its sole discretion without prior notice.
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MediPharm Reminds Shareholders to Vote in Advance of June 13 Deadline
TORONTO, June 11, 2025 (GLOBE NEWSWIRE) — MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) (FSE: MLZ) ('MediPharm,' the 'Company,' 'we' or 'us'), a pharmaceutical company specialized in precision-based cannabinoids, today reminded its shareholders that the deadline is approaching to cast your vote for the upcoming Annual and Special Meeting of Shareholders on June 16, 2025 (the 'Meeting'). All votes must be received no later than 3:00 p.m. (Eastern time) on Friday, June 13, 2025. We encourage shareholders to please vote using ONLY the GREEN proxy or GREEN voting instruction card and to support each of the director nominees recommended by MediPharm's Board of Directors (the 'Board') and the other matters being considered at the Meeting. To ensure your proxy is counted at the Meeting, please submit it well in advance of the June 13 proxy cut-off. Please remember that your vote is important, regardless of the number of shares you own. MediPharm's Strategy Is Working MediPharm has undergone a successful transformation over the past three years, led by David Pidduck who joined as CEO in April 2022. Faced with negative gross margins and an operating loss of $48.9 million in 2021, the Company implemented a plan to refocus operations, prioritizing the most strategic business lines, divesting of non-core assets and reducing operating costs. The acquisition of VIVO Cannabis Inc. in April 2023 provided a foundation to accelerate international growth and realize synergies from combining the two companies. We described our strategic turnaround in a Chair's Letter to Shareholders dated May 11, 2025 . In Q1 2025, we continued our track record of year-over-year revenue growth, led by an 87% revenue increase in the international medical market which now represents more than half our revenue. We achieved positive Adjusted EBITDA1 for the first time in more than five years and our gross profit margin of 38.7% was the highest in more than five years. Operating loss narrowed to less than $0.5 million, an improvement of more than $3 million from Q1 2024. A strong cash position with virtually no debt enabled us to invest in inventory to pursue near-term growth opportunities. With diversification in our product mix and sales channels, a strong reputation as a GMP-certified producer and expanding international partnerships, MediPharm has established a solid foundation for further growth. We are confident the strategy and team currently in place is the best way to create sustainable value. The Dissident Group has NOT Made a Case for Change Apollo Technology Capital Corp. ('Apollo'), led by Chairman and CEO Regan McGee, and former MediPharm CEO and director Patrick McCutcheon (collectively, the 'Concerned Stakeholder'), have filed an amended and restated dissident proxy circular dated May 15, 2025, as updated by an addendum dated June 4, 2025, nominating six alternative directors (the 'Dissident Nominees') for the Board. In recent weeks we have described numerous deficiencies in Apollo's plan and the track record of Mr. McGee and the other Dissident Nominees. With the addition of Pat McCutcheon to the dissident team, a number of new concerns now emerge. Important points for shareholders to remember include the following. Patrick McCutcheon's Tenure at MediPharm Mr. McCutcheon, who is now formally acknowledged as a member of the Concerned Stakeholder dissident group, served as CEO of MediPharm until December 10, 2020, Chairman of the Board until August 16, 2021, and as a director until December 7, 2021. While Apollo has been critical of the current leadership team's performance on such measures as share price, revenue growth, gross profit, cash usage and operating loss, we note the following about Mr. McCutcheon's track record with the Company. The Board urges shareholders to send Mr. McGee and Mr. McCutcheon a strong message that you want to stop their expensive and aggressive attacks against your Company. Vote for the Highly Qualified MediPharm Nominees MediPharm urges shareholders to vote only using the GREEN proxy or GREEN voting instruction form in support of all of the Company's nominees and resolutions. To ensure your vote is counted, shareholders are encouraged to proactively contact their broker to obtain their 16-digit control number associated with the GREEN management proxy. Once received, you can cast your vote by visiting . You may receive materials or outreach from the dissident — please disregard any such communications and vote only using the GREEN proxy in support of the Company's nominees. About MediPharm Labs Founded in 2015, MediPharm Labs specializes in the development and manufacture of purified, pharmaceutical-quality cannabis concentrates, active pharmaceutical ingredients (API) and advanced derivative products utilizing a Good Manufacturing Practices certified facility with ISO standard-built clean rooms. MediPharm Labs has invested in an expert, research driven team, state-of-the-art technology, downstream purification methodologies and purpose-built facilities for delivery of pure, trusted and precision-dosed cannabis products for its customers. MediPharm Labs develops, formulates, processes, packages and distributes cannabis and advanced cannabinoid-based products to domestic and international medical markets. In 2021, MediPharm Labs received a Pharmaceutical Drug Establishment License from Health Canada, becoming the only company in North America to hold a commercial-scale domestic Good Manufacturing Practices License for the extraction of multiple natural cannabinoids. This GMP license was the first step in the Company's current foreign drug manufacturing site registration with the US FDA. In 2023, MediPharm acquired VIVO Cannabis Inc., which expanded MediPharm's reach to medical patients in Canada via Canna Farms medical ecommerce platform, and in Australia and Germany through Beacon Medical Australia PTY Ltd. and Beacon Medical Germany GMBH. This acquisition also included Harvest Medical Clinics in Canada which provides medical cannabis patients with Physician consultations for medical cannabis education and prescriptions. The Company carries out its operations in compliance with all applicable laws in the countries in which it operates. Shareholder Voting Assistance: If you have any questions or require any assistance in executing your GREEN proxy or voting instruction form, please call Sodali & Co at: North American Toll-Free Number: 1.888.777.2059 Outside North America, Banks, Brokers and Collect Calls: 1.289.695.3075 Email: assistance@ North American Toll-Free Facsimile: 1.877.218.5372 For up-to-date information and assistance in voting please visit: Investor Contact: MediPharm Labs Investor Relations Telephone: +1 416.913.7425 Email: investors@ Media Contact: John Vincic Oakstrom Advisors +1 (647) 402-6375 john@ Cautionary Note Regarding Forward-Looking Information: This news release contains 'forward-looking information' and 'forward-looking statements' (collectively, 'forward-looking statements') within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as 'expects', or 'does not expect', 'is expected', 'anticipates' or 'does not anticipate', 'plans', 'budget', 'scheduled', 'forecasts', 'estimates', 'believes' or 'intends' or variations of such words and phrases or stating that certain actions, events or results 'may' or 'could', 'would', 'might' or 'will' be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate to, among other things: timing of the Annual and Special Meeting, the ability of the Company to pursue near-term growth opportunities, future growth opportunities available to the Company, sustainable value creation at MediPharm, any impacts to MediPharm shareholders of the actions relating to the Dissident Nominees described herein, and any outcomes resulting from the circumstances and information cited herein. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the inability of MediPharm Labs to obtain adequate financing; the delay or failure to receive regulatory approvals; and other factors discussed in MediPharm Labs' continuous disclosure filings, available on the SEDAR+ website at . There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, MediPharm Labs assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change. ___________________________________ 1 Represents a non-GAAP financial measure, which is not a standardized financial measure under IFRS and which might not be comparable to similar financial measures disclosed by other issuers. MediPharm calculates Adjusted EBITDA as net income (loss) with interest, taxes, depreciation and amortization, non-cash adjustments and other unusual or non-recurring items added back. Refer to the sections entitled 'Use of Non-IFRS Financial Measures' and 'Reconciliation of Non-IFRS Measures' in MediPharm's management's discussion and analysis for the three months ended March 31, 2025, which is incorporated by reference herein and which can be located on MediPharm's profile on SEDAR+ at .
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MediPharm Reminds Shareholders to Vote in Advance of June 13 Deadline
Shareholders Urged to Vote for Proven Strategy and Team, Reject Dissident's Inadequate Plan and Nominees TORONTO, June 11, 2025 (GLOBE NEWSWIRE) -- MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) (FSE: MLZ) ('MediPharm,' the 'Company,' 'we' or 'us'), a pharmaceutical company specialized in precision-based cannabinoids, today reminded its shareholders that the deadline is approaching to cast your vote for the upcoming Annual and Special Meeting of Shareholders on June 16, 2025 (the 'Meeting'). All votes must be received no later than 3:00 p.m. (Eastern time) on Friday, June 13, 2025. We encourage shareholders to please vote using ONLY the GREEN proxy or GREEN voting instruction card and to support each of the director nominees recommended by MediPharm's Board of Directors (the 'Board') and the other matters being considered at the Meeting. To ensure your proxy is counted at the Meeting, please submit it well in advance of the June 13 proxy cut-off. Please remember that your vote is important, regardless of the number of shares you own. MediPharm's Strategy Is Working MediPharm has undergone a successful transformation over the past three years, led by David Pidduck who joined as CEO in April 2022. Faced with negative gross margins and an operating loss of $48.9 million in 2021, the Company implemented a plan to refocus operations, prioritizing the most strategic business lines, divesting of non-core assets and reducing operating costs. The acquisition of VIVO Cannabis Inc. in April 2023 provided a foundation to accelerate international growth and realize synergies from combining the two companies. We described our strategic turnaround in a Chair's Letter to Shareholders dated May 11, 2025. In Q1 2025, we continued our track record of year-over-year revenue growth, led by an 87% revenue increase in the international medical market which now represents more than half our revenue. We achieved positive Adjusted EBITDA1 for the first time in more than five years and our gross profit margin of 38.7% was the highest in more than five years. Operating loss narrowed to less than $0.5 million, an improvement of more than $3 million from Q1 2024. A strong cash position with virtually no debt enabled us to invest in inventory to pursue near-term growth opportunities. With diversification in our product mix and sales channels, a strong reputation as a GMP-certified producer and expanding international partnerships, MediPharm has established a solid foundation for further growth. We are confident the strategy and team currently in place is the best way to create sustainable value. The Dissident Group has NOT Made a Case for Change Apollo Technology Capital Corp. ('Apollo'), led by Chairman and CEO Regan McGee, and former MediPharm CEO and director Patrick McCutcheon (collectively, the 'Concerned Stakeholder'), have filed an amended and restated dissident proxy circular dated May 15, 2025, as updated by an addendum dated June 4, 2025, nominating six alternative directors (the 'Dissident Nominees') for the Board. In recent weeks we have described numerous deficiencies in Apollo's plan and the track record of Mr. McGee and the other Dissident Nominees. With the addition of Pat McCutcheon to the dissident team, a number of new concerns now emerge. Important points for shareholders to remember include the following. Apollo's strategic plan for MediPharm appears to have been hastily constructed and lacking in substance, while presenting current MediPharm strategies as their own. Apollo has shown inconsistencies regarding support for or aversion to M&A activities. We provided a detailed analysis of Apollo's inadequate plan in our Board Letter to Shareholders issued May 29, 2025. Apollo's disclosure has been characterized by numerous misrepresentations and outright fabrications. We highlighted a small sample of the false statements they have made in an 'Apollo Myths vs. Facts' document on our AGM website. Independent proxy voting and corporate governance advisory firm ISS met with Apollo, considered its arguments and its plans for the Company and concluded that Apollo did not make a compelling case for change. Please see our news release issued June 2, 2025 for more details. The Dissident Nominees have potential conflicts of interest and a web of interlocking relationships that would impair their independence as Board members. We described these problems in our May 15, 2025 news release. Patrick McCutcheon's Tenure at MediPharm Mr. McCutcheon, who is now formally acknowledged as a member of the Concerned Stakeholder dissident group, served as CEO of MediPharm until December 10, 2020, Chairman of the Board until August 16, 2021, and as a director until December 7, 2021. While Apollo has been critical of the current leadership team's performance on such measures as share price, revenue growth, gross profit, cash usage and operating loss, we note the following about Mr. McCutcheon's track record with the Company. One of Apollo's primary arguments has been that the current MediPharm team has been responsible for the decrease in the Company's share price since its peak on May 14, 2019. Of the total decrease in share price since May 14, 2019, more than 97% occurred while Mr. McCutcheon served as Chairman, CEO or director. Less than 1% of the total decrease has occurred since David Pidduck joined as CEO on April 20, 2022. In 2020, Mr. McCutcheon's final year as CEO, the Company's revenue decreased by 72% year-over-year with gross profit of negative $44.0 million, cash from operations of negative $37.8 million, and operating income of negative $72.6 million. We note Apollo's reference to the decrease in the Company's asset values over time. Some of this asset decrease was in fact due to the write-offs required as a result of Mr. McCutcheon's excessive multi-year capital expenditure program including the procurement of millions of dollars of equipment, much of which was not needed and was never used. The Board urges shareholders to send Mr. McGee and Mr. McCutcheon a strong message that you want to stop their expensive and aggressive attacks against your Company. Vote for the Highly Qualified MediPharm Nominees MediPharm urges shareholders to vote only using the GREEN proxy or GREEN voting instruction form in support of all of the Company's nominees and resolutions. To ensure your vote is counted, shareholders are encouraged to proactively contact their broker to obtain their 16-digit control number associated with the GREEN management proxy. Once received, you can cast your vote by visiting . You may receive materials or outreach from the dissident — please disregard any such communications and vote only using the GREEN proxy in support of the Company's nominees. About MediPharm Labs Founded in 2015, MediPharm Labs specializes in the development and manufacture of purified, pharmaceutical-quality cannabis concentrates, active pharmaceutical ingredients (API) and advanced derivative products utilizing a Good Manufacturing Practices certified facility with ISO standard-built clean rooms. MediPharm Labs has invested in an expert, research driven team, state-of-the-art technology, downstream purification methodologies and purpose-built facilities for delivery of pure, trusted and precision-dosed cannabis products for its customers. MediPharm Labs develops, formulates, processes, packages and distributes cannabis and advanced cannabinoid-based products to domestic and international medical markets. In 2021, MediPharm Labs received a Pharmaceutical Drug Establishment License from Health Canada, becoming the only company in North America to hold a commercial-scale domestic Good Manufacturing Practices License for the extraction of multiple natural cannabinoids. This GMP license was the first step in the Company's current foreign drug manufacturing site registration with the US FDA. In 2023, MediPharm acquired VIVO Cannabis Inc., which expanded MediPharm's reach to medical patients in Canada via Canna Farms medical ecommerce platform, and in Australia and Germany through Beacon Medical Australia PTY Ltd. and Beacon Medical Germany GMBH. This acquisition also included Harvest Medical Clinics in Canada which provides medical cannabis patients with Physician consultations for medical cannabis education and prescriptions. The Company carries out its operations in compliance with all applicable laws in the countries in which it operates. Shareholder Voting Assistance: If you have any questions or require any assistance in executing your GREEN proxy or voting instruction form, please call Sodali & Co at: North American Toll-Free Number: 1.888.777.2059Outside North America, Banks, Brokers and Collect Calls: 1.289.695.3075Email: assistance@ American Toll-Free Facsimile: 1.877.218.5372 For up-to-date information and assistance in voting please visit: Investor Contact: MediPharm Labs Investor RelationsTelephone: +1 416.913.7425Email: investors@ Media Contact: John VincicOakstrom Advisors+1 (647) 402-6375john@ Cautionary Note Regarding Forward-Looking Information: This news release contains 'forward-looking information' and 'forward-looking statements' (collectively, 'forward-looking statements') within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as 'expects', or 'does not expect', 'is expected', 'anticipates' or 'does not anticipate', 'plans', 'budget', 'scheduled', 'forecasts', 'estimates', 'believes' or 'intends' or variations of such words and phrases or stating that certain actions, events or results 'may' or 'could', 'would', 'might' or 'will' be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate to, among other things: timing of the Annual and Special Meeting, the ability of the Company to pursue near-term growth opportunities, future growth opportunities available to the Company, sustainable value creation at MediPharm, any impacts to MediPharm shareholders of the actions relating to the Dissident Nominees described herein, and any outcomes resulting from the circumstances and information cited herein. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the inability of MediPharm Labs to obtain adequate financing; the delay or failure to receive regulatory approvals; and other factors discussed in MediPharm Labs' continuous disclosure filings, available on the SEDAR+ website at There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, MediPharm Labs assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change. ___________________________________ 1 Represents a non-GAAP financial measure, which is not a standardized financial measure under IFRS and which might not be comparable to similar financial measures disclosed by other issuers. MediPharm calculates Adjusted EBITDA as net income (loss) with interest, taxes, depreciation and amortization, non-cash adjustments and other unusual or non-recurring items added back. Refer to the sections entitled 'Use of Non-IFRS Financial Measures' and 'Reconciliation of Non-IFRS Measures' in MediPharm's management's discussion and analysis for the three months ended March 31, 2025, which is incorporated by reference herein and which can be located on MediPharm's profile on SEDAR+ at
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Currency Exchange International Reports Second Quarter 2025 Results
TORONTO, June 11, 2025 (GLOBE NEWSWIRE) -- Currency Exchange International, Corp. (the 'Group' or 'CXI') (TSX: CXI; OTCQX: CURN), today reported net income of $1.98 million for the second quarter of 2025, 291% higher than the prior year (all figures are in U.S. dollars except where otherwise indicated). This 2025 reported net income reflected $2.7 million net income from continuing operations and a net loss of $0.7 million from Exchange Bank of Canada, the Company's Canadian subsidiary which was classified as discontinued operations effective the second quarter of 2025. These results include restructuring charges of $0.2 million, pre-tax, related to discontinued operations in Canada and certain one-time charges of $0.1 million, pre-tax. Excluding these items, the Group's adjusted net income1 increased by 18% compared to the prior year and adjusted diluted earnings per share1 ('EPS') was 24% higher than the prior year. The completed condensed interim consolidated financial statements and management's discussion and analysis ('MD&A') can be found on the Group's SEDAR profile at Q2, 2025 Reported Results EBITDA $4.9 million Up 10% YoY Net Income $1.98 million Up 291% YoY Diluted EPS $0.31Up 288% YoY Annualized ROE 5% Down 50% YoY Q2, 2025 Adjusted Results1 EBITDA1 $5.1 million Up 15% YoY Net Income1 $2.3 millionUp 18% YoY Diluted EPS1 $0.36 Up 24% YoY Annualized ROE1 12%Flat YoY Below is a reconciliation of reported results to adjusted results based on non-recurring items: Three-month period endedApril 30, 2025 Three-month period endedApril 30, 2024 Six-month period endedApril 30, 2025 Six-monthperiod endedApril 30, 2024 Reported results $ $ $ $ EBITDA 4,901,810 4,470,061 8,755,560 7,755,158 Group net income 1,983,025 506,522 2,795,555 1,356,397 Pre-tax adjusting items Specified item: Restructuring charges 229,404 - 229,404 - Specified item: Advisory costs* 145,452 - 425,513 - Specified item: Deferred tax assets reversal* - 1,427,600 - 1,429,850 1,427,600 654,917Impact of income tax (72,073) - (80,647) - Adjusted results** EBITDA 5,131,214 4,470,061 8,984,964 7,755,158 Group net income 2,285,808 1,934,122 3,369,825 2,786,247Group Diluted earnings per share Reported 0.31 0.08 0.44 0.21 Adjusted** 0.36 0.29 0.53 0.42 *These adjustments are reported within the results from discontinued operations. **These are non-GAAP financial measures and ratios. For further details, refer to the key performance and non-GAAP financial measures section below. Total revenue was 3% lower than the prior year due to a decline in consumer demand for foreign currency as travel activity tapered during the current quarter. Although revenue declined, the Company's net income for the second quarter rose compared to the same quarter last year, primarily due to the favorable impact of a weaker U.S. Dollar on the revaluation of foreign currency banknote holdings. The Group's capital position remained robust, and liquidity was strong with $81.2 million in total equity and $60.4 million in net working capital as of April 30, 2025 ($79.4 million and $55.9 million as of October 31, 2024, respectively). All reported amounts are based on the Group's condensed interim consolidated financial statements presented in compliance with International Accounting Standard 34 Interim Financial reporting, unless otherwise noted. On February 18, 2025, the Group announced its decision to cease the operations of its wholly owned subsidiary, Exchange Bank of Canada. This strategic decision and operational plan for restructuring were communicated to all staff of EBC on February 19, 2025. Following the cessation of operations, the Bank intends to apply to the Minister of Finance in Canada to discontinue from the Bank Act. The application to discontinue is expected to be made in the fourth quarter of 2025, with the actual discontinuance of the Bank being subject to receipt of all necessary regulatory approvals. Following the Group's decision, management has commenced implementation of the restructuring and planned discontinuance of the Bank. Management anticipates that certain operating expenses and personnel costs, that are currently shared with EBC, will be 100% borne by the continuing operations of CXI, subsequent to the exit of EBC from Canada, and the current annualized estimate of these costs is approximately $3 million after tax. In the second quarter of 2025, Exchange Bank of Canada was classified as a discontinued operation in the Group's condensed interim consolidated financial statements. On May 20, 2025, CXI upgraded its U.S. securities listing with the Company's shares commencing trading on the OTCQX Best Market under the symbol CURN. Randolph Pinna, CEO of the Group, stated, 'The second quarter showed continued growth in the payments business, while with the current political and economic uncertainties, international travel activity to and from the United States decreased banknote revenues. CXI's diversified business model in the United States allows for continued new client growth in the payments business complemented by successful multi-channel banknotes offerings for both our U.S. Financial Institutions in branch or online as well as the Direct-to-Consumer customer offerings through online, agent and physical branch locations. CXI's management team and I remain committed to executing CXI's strategic plan which is focused on revenue and earnings growth as well as the return on capital and creating value for our shareholders resulting from providing leading FX technology and transaction processing solutions'. Financial Highlights for the three-month periods ended April 30, 2025 and 2024: Revenue decreased by 3% or $0.5 million to $15.9 million compared to $16.4 million. Banknotes revenue decreased by 5% or $0.6 million over the prior period while Payments revenue increased by 5% or $0.1 million; Reported EBITDA increased by 10% or $0.4 million to $4.9 million from $4.5 million. Adjusted EBITDA2 was $5.1 million, 15% higher than the prior period; Reported Group net income was $1.98 million, a 291% increase compared to the prior period. Adjusted Group net income2 increased 18% or $0.4 million to $2.3 million from $1.9 million in the prior period; Reported earnings per share were $0.32 and $0.31 on a basic and fully diluted basis, respectively, compared to the prior year's reported earnings per share of $0.08 on both a basic and fully diluted basis. Adjusted earnings per share2 were $0.37 and $0.36 on a basic and fully diluted basis, respectively, compared to the prior year's adjusted earnings per share of $0.30 and $0.29; and The Group maintained a strong financial position, with net working capital of $60.4 million and total equity of $81.2 million as of April 30, 2025. Financial Highlights for the six-month periods ended April 30, 2025 and 2024: Revenue increased by 3% or $0.8 million to $31.3 million compared to $30.5 million. Payments revenue increased by 11% or $0.5 million and Banknotes revenue increased by 1% or $0.3 million over the prior period; Reported EBITDA increased by 13% or $1.0 million to $8.8 million from $7.8 million. Adjusted EBITDA3 was $9.0 million, 16% higher than the prior period; Reported Group net income was $2.8 million, a 106% increase compared to the prior period. Adjusted Group net income3 increased 21% or $0.6 million to $3.4 million from $2.8 million in the prior period; and Reported earnings per share were $0.45 and $0.44 on a basic and fully diluted basis, respectively, compared to the prior year's reported earnings per share of $0.21 on both a basic and fully diluted basis. Adjusted earnings per share3 $0.54 and $0.53 on a basic and fully diluted basis, respectively, compared to the prior year's adjusted earnings per share of $0.44 and $0.42. Corporate Highlights for the three-month period ended April 30, 2025: The Group continued its growth in the direct-to-consumer market through its network of company-owned branch locations, agent relationships, and in the majority of states where it operates its OnlineFX platform. During the second quarter of 2025, the Group added the State of Mississippi to its OnlineFX platform network, now operating in 45 states and the District of Columbia; The Group increased its banknotes market penetration into the financial institutions sector in the United States with the addition of 124 new clients in the second quarter of 2025; and The Group continued to grow its Payments product line benefiting from the recent investments in core banking platform integrations which enabled the Group to expand its reach and increase its volumes in the United States. The Group processed 45,788 payment transactions in the second quarter compared to 37,781 payment transactions in the prior period. Selected Financial Data The following table summarizes the performance of the Group over the last eight fiscal quarters: Results of Continuing Operations - Reported Group Net Results - Reported Group Net Results- Adjusted3 Quarterly Results Revenue Net income Earnings per share (diluted) Net income (loss) Earnings/(loss) per share (diluted) Net income Earnings per share (diluted) $ $ $ $ $ $ $ Q2 2025 15,865,150 2,674,849 0.42 1,983,025 0.31 2,285,808 0.36 Q1 2025 15,450,861 1,694,672 0.26 812,530 0.12 1,092,648 0.17 Q4 2024 18,460,390 3,313,852 0.50 (2,817,897) (0.45) 2,780,445 0.42 Q3 2024 19,961,122 5,122,815 0.77 3,935,350 0.59 4,644,984 0.69 Q2 2024 16,358,796 2,731,629 0.41 506,522 0.08 1,934,122 0.29 Q1 2024 14,141,018 2,020,274 0.30 849,874 0.13 849,874 0.13 Q4 2023 18,742,856 3,467,825 0.52 2,303,822 0.34 2,303,822 0.34 Q3 2023 19,416,155 4,650,604 0.69 4,056,478 0.60 4,056,478 0.60 Earnings Conference Call Details CXI plans to host a conference call on Thursday, June 12, 2025, at 8:30 AM (EST). To participate in or listen to the call, please dial the appropriate number: Toll Free - North America: (+1) 800 717 1738 Conference ID Number: 21262 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, ('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, ('OnlineFX'). Contact Information For further information please contact: Bill MitoulasInvestor Relations(416) 479-9547Email: KEY PERFORMANCE AND NON-GAAP FINANCIAL MEASURES The Group measures and evaluates its performance, as presented in this document, using a number of financial metrics and measures, such as adjusted net income, which do not have standardized meanings under generally accepted accounting principles (GAAP) and may not be comparable to other companies. The Group's management believes that these measures are more reflective of its operating results and provide the readers of this document with a better understanding of management's perspective on the performance. These measures enhance the comparability of our financial performance for the current year with the corresponding period in the prior year. For further information, including a reconciliation, refer to key performance and non-GAAP financial measures in the MD&A. 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 and six-month periods ended April 30, 2025 and 2024. 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. 1 These are non-GAAP financial measures and ratios and are not standardized financial measures under IFRS, they are based on management-determined non-recurring items. For further information, refer to the key performance and non-GAAP financial measures section on page 4 of this document. 2 These are non-GAAP financial measures and ratios and are not standardized financial measures under IFRS, they are based on management-determined non-recurring items. For further information, refer to the key performance and non-GAAP financial measures section on page 4 of this document.3 These adjusted results are non-GAAP financial measures and ratios and are not standardized financial measures under IFRS, they are based on management-determined non-recurring items. For further information, refer to the key performance and non-GAAP financial measures section on page 4 of this in to access your portfolio
