Attached files
| file | filename |
|---|---|
| 8-K - GLOBAL AXCESS CORP | v170235_8k.htm |
| EX-10.3 - GLOBAL AXCESS CORP | v170235_ex10-3.htm |
| EX-10.2 - GLOBAL AXCESS CORP | v170235_ex10-2.htm |
| EX-10.1 - GLOBAL AXCESS CORP | v170235_ex10-1.htm |
| EX-10.4 - GLOBAL AXCESS CORP | v170235_ex10-4.htm |
Global
Axcess Corp Announces $1.2 Million Refinancing Deal
-
Company Reduces 2010 Working Capital Requirements by Extending Maturity of Debt
Maturing in October 2010 -
JACKSONVILLE,
Fla., December 29, 2009 /PRNewswire-FirstCall/ — Global Axcess Corp (OTC
Bulletin Board: GAXC - News; the "Company"), an
independent provider of self-service kiosk solutions, today announced that it
has refinanced $1.2 million in 9% debenture notes due in October 2010. The
refinancing reduces the Company’s working capital requirements for 2010 by
extending the maturity date of the notes by 15 months without any pre-payment
penalty.
The
transaction is related to subordinated, unsecured debentures of approximately
$1.2 million provided by certain stockholders with interest-only payments made
quarterly at a rate of 9%, with balloon payments previously due October 28,
2010. Under the new terms, the note will be a three-year amortization with a
balloon payment due January 31, 2012 carrying an interest rate of 4.96%. A loan
from SunTrust Bank (“SunTrust“) has been used to pay off the debt. As a result
of the early repayment of these notes, the Company expects approximately $40,000
in 2010 interest savings due to the lower interest rate of the
loan. Additionally, there will be the elimination of warrants for
345,000 shares of the Company’s common stock which were issued in relation to
these notes.
Mr.
George McQuain, Chief Executive Officer of Global Axcess, stated, "We appreciate
the confidence that our business partner, SunTrust, has shown in the Company by
extending this loan, especially during the current challenging economic
environment. Refinancing the $1.2 million debt will allow us to
allocate more of our 2010 working capital towards revenue growth
initiatives.”
About
Global Axcess Corp
Headquartered
in Jacksonville, Florida, Global Axcess Corp was founded in 2001 with a mission
to emerge as the leading independent provider of self-service kiosk services in
the United States. The Company provides turnkey ATM and other self-service kiosk
management solutions that include cash and inventory management, project and
account management services. Global Axcess Corp currently owns, manages or
operates more than 4,500 ATMs and other self-service kiosks in its national
network spanning 43 states. For more information on the Company,
please visit http://www.globalaxcess.biz.
Investor
Relations Contacts:
Sharon
Jackson: 904-395-1149
IR@GAXC.biz
Hayden
IR:
Brett
Maas or Jeff Stanlis: (646) 536-7331
Brett@haydenir.com /
Jeff@haydenir.com
7800
Belfort Parkway, Suite 165, Jacksonville, FL 32256
www.globalaxcess.biz
This
press release may contain forward-looking statements. Such forward-looking
statements may be identified by, among other things, the use of forward-looking
terminology such as: "believes," "expects," "may," "will," "should," or
"anticipates," or the negative thereof or other variations thereon or comparable
terminology, or by discussions of strategy that involve risks and uncertainties.
Various important risks and uncertainties may cause the Company's actual results
to differ materially from the results indicated by these forward-looking
statements. For a list and description of the risks and uncertainties the
Company faces, please refer to Part I, Item 1 of the Company's Annual Report on
Form 10-K, filed with the Securities and Exchange Commission on March 3, 2009,
and other filings that have been filed with the Securities and Exchange
Commission. The Company assumes no obligation to update any forward-looking
statements, whether as a result of new information, future events or otherwise,
and such statements are current only as of the date they are made.
###
7800
Belfort Parkway, Suite 165, Jacksonville, FL 32256
www.globalaxcess.biz