PONTE VEDRA BEACH, Fla. -- Global Axcess Corporation (OTC Bulletin Board: GLXS) says it has repaid a $2 million loan from Card Service International ahead of schedule, on May 15. The loan was secured on June 29, 2001 for usage as vault cash for company-owned ATMs.
In a news release, Global Axcess CEO Michael Dodak called the repayment "an important milestone for the company because it demonstrates that our business model is working."
Dodak added that the loan was replaced by funding from an institutional lender.
Through its wholly owned subsidiary, Nationwide Money Services, Global Axcess provides turnkey ATM management programs that include cash, project and account management services. Another wholly owned subsidiary, EFT Integration, provides traditional transaction processing and terminal driving to its customers and is developing alternative processing solutions for expanding ATM functionality.
