NEWPORT BEACH, Calif. -- Global Axcess Corp. (OTCBB:GLXS - news) is expanding its board of directors to add two independent directors.
The company has seven directorships available, of which three are currently occupied. The company also will consolidate its Orange County and San Diego offices in Orange County, and plans to expand its transaction processing facility in Florida.
Richard Wray, who joined the company as a director and chief executive officer in August, is leaving the company in connection with the relocation of its principal office to Orange County. Two new independent directors will join the company this month to fill Wray's vacancy.
The first new board member will be Richard O. Weed, a securities lawyer in Orange County who is a member of the State Bar of California and State Bar of Texas.
CardServices International, a subsidiary of First Data Corp. and one of the company's largest shareholders, has indicated that it will nominate its board member sometime during the month of October, according to a Global Axcess news release.
In addition to Weed joining the company's board, Leonard Roman has joined the company as its chief financial officer. According to a company news release, Roman has 30 years of diversified public and private business management experience with fast growth companies. Since 1997, he has provided restructuring and consulting services and has served as a director and chief financial officer of various public and privately held companies.
Following Wray's exit from the company, the position of chief executive officer will be eliminated. Mike Dodak, who currently serves as CEO of Nationwide Money Services, the company's Florida-based wholly-owned subsidiary, also serves as president and COO of Global Axcess Corp.
Global Axcess Corp. (formerly known as Netholdings.com, Inc.) was incorporated in Nevada on July 5, 1996 under the name of Gerant Industries, Inc. It is a holding company which conducts all of its operations through wholly-owned subsidiaries in the independent ATM industry.
Earlier this summer, the company acquired two ISOs, IFT Financial Group of San Diego and Nationwide Money Services of Ponte Verda Beach, Fla. In August, it announced a five-year deal to install and manage at least 200 ATMs at Cumberland Farms stores.
Also in August, the company reported a net loss of $978,100 for the quarter ending June 30, 2001 on revenues of $432,300. Global attributed the loss to start-up costs and expenses linked to the mergers.
