Attached files
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| 8-K - GLOBAL AXCESS CORP | v205337_8k.htm |
Global
Axcess Corp to Purchase Portfolio of 140 ATMs
Accretive
Asset Purchase to Add Approximately $2 Million in Revenue and $500,000 in
EBITDA, Along with Established Relationships with Large Customers
JACKSONVILLE,
Fla., December 9, 2010 /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 signed a Definitive Agreement to purchase a portfolio of ATMs from an
undisclosed, privately held nationwide network of automated financial service
terminals. Global Axcess will purchase 140 ATMs and existing relationships with
a large, global oil and gas company to manage ATMs at service station locations
in three Midwestern states.
The asset
purchase, which is expected to close by the end of December, is expected to add
approximately $2 million in revenue and $500,000 in EBITDA to Global Axcess’
core ATM business. In consideration for the ATM equipment and the contracts,
Global Axcess will pay $950,000 and approximately $85,000 additional should
there be a contract extension for the customer.
Mr.
George McQuain, Chief Executive Officer of Global Axcess, commented, “This
strategic asset purchase will help accelerate our ATM business and provide an
established relationship with a large new customer for us. We are pleased to
acquire this portfolio of established ATMs and open this new relationship for us
with one of their large customers and its franchisees. This transaction is our
second significant effort to accelerate our growth and bolster our profitability
through M&A activity. We are committed to building on our established base
and growing our business, and this agreement is an important step.”
The
Company anticipates that it will fund the acquisition partly with its own cash
and mostly through a facility with its senior lender.
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 4,900 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.
For more information on Nationwide Money Services, please visit http://www.nationwidemoney.com.
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, 2010,
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