JACKSONVILLE, Fla. — Global Axcess Corp., dba Nationwide Money Services, announced this week that it expects to change its strategic focus — evolving from an independent ATM deployer that focuses on ATM branding and management into a self-service kiosk company.
According to a news release, GAXC plans to continue investing in ATM-growth opportunities but will focus new attention on self-service kiosk initiatives, with the possibility of acquiring self-service kiosk businesses that use ATM-like business models. "On the heels of our first quarter successes, when we delivered a profitable quarter along with resolving the CAMOFI legal issue, we are now assertively implementing ways to maximize shareholder value," said George McQuain, GAXC's chief executive. "Last week we announced that our board of directors approved a stock repurchase program authorizing the purchase of up to $150,000 of the company's outstanding common stock. This action was the first step of our seven-step action plan."
Beyond plans to expand the company's focus to include more general self-service operations, GAXC plans to continue building cash reserves as a hedge against current economic conditions and as a differentiating factor among potential investors looking for a strong balance sheet; to pay down debt and forego hiring an IR firm, instead opting to use that money to invest in building marketing and sales dominance in specific market segments.
