PONTE VEDRA, Fla. -- Global Axcess Corp. (OTCBB:GLXS), says its Nationwide Money Services subsidiary has won a four-and-one-half year extension on its exclusive contract with Food Lion.
According to a news release, Food Lion is one of the largest supermarket chains in the United States with 1,200 Food Lion stores in 11 Southeastern and Mid-Atlantic states and 140 Kash n' Karry supermarkets throughout central Florida.
Under the terms of the agreement, Nationwide Money will continue as the exclusive provider of ATM equipment, transaction processing, maintenance, monitoring and cash management services at all Food Lion and Kash n'Karry stores through April 30, 2011.
Currently, Nationwide Money owns and operates 725 ATMs in Food Lion/Kash n'Karry locations, but the company expects to expand the number to grow to more than 1,300 machines within the next 36 months.
Bob Colabrese, executive vice president of sales at Global Axcess, said in the release that the company expects the contract extension to add approximately $6 million to $12 million in annual revenue over the next eight years, based on the historical financial performance of this contract combined with the expected expansion.
