Global Axcess sells remaining South African subsidiary holdings

Global Axcess sells remaining South African subsidiary holdings
Tags: Bank / Credit Union, Debit / Credit, Distributors / ISO / IAD, Other, Public Companies, Regulatory Issues, Transaction Processing
October 3, 2006

PONTE VEDRA BEACH, Fla. - Global Axcess Corp. announced Oct. 4 that it has closed on the sale of the remaining 50 percent of its South African subsidiary, Cash Axcess Corp. Ltd., to Coin Security Group Ltd.

"The closing of the transaction will allow us to further strengthen our balance sheet and will reduce the Company's operating expenses moving forward," said Mike Dodak, chief executive officer of Global Axcess.