JACKSONVILLE, Fla., May 17, 2011 /PRNewswire/ -- Global Axcess Corp (OTC Bulletin Board: GAXC), an independent provider of self-service kiosk solutions, today announced that it has entered into a Definitive Agreement to purchase 23 ATM sites from an undisclosed, privately held nationwide network of automated financial service terminals from whom they acquired 140 ATMs in December 2010. Global Axcess will purchase the ATMs and existing relationships to manage ATMs at service station locations in two Midwestern states and one Southeastern state.
The asset purchase is expected to add approximately $284,000 in annual revenue and $80,000 in annual EBITDA to Global Axcess' core ATM business. In consideration for the ATM equipment and the contracts, Global Axcess will pay $118,000.
Mr. Michael I. Connolly, Co-Chief Executive Officer of Global Axcess, commented, "This transaction continues our effort to accelerate our ATM growth and profitability through additional strategic asset purchases. This is our third acquisition in recent quarters. By acquiring this portfolio of established ATMs, we gain the opportunity to expand our relationship with an important customer and to generate additional revenue and deliver incremental EBITDA."
The Company will fund the acquisition with its own cash through payments over a 12-month period.
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 5,300 ATMs and DVD 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 | |
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 30, 2011, 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.
SOURCE Global Axcess Corp
