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Global Axcess announces possible lawsuit settlement
August 17, 2008
JACKSONVILLE, Fla. — Global Axcess Corp., an independent ATM sales organization, says it has reached a contingent settlement agreement with CAMOFI Master LDC, a debt-holder for Global Axcess.
In accordance with the settlement deal, GAXC will pay $3.7 million in cash to CAMOFI to cancel the note that was executed in October 2005. The settlement resolves the lawsuit filed by CAMOFI in October 2007, which alleged GAXC breached its contract with CAMOFI.
"Over the last 22 months we have worked diligently to eliminate the legacy issues that have hampered our efforts," said George McQuain, chief executive of Global Axcess. "This contingent settlement agreement is another step in that direction. The CAMOFI note and litigation have effectively precluded our ability to raise equity and debt financing without significant equity dilution. Upon obtaining the financing to remove the contingency, we will again be able to incorporate portfolio acquisitions as a part of our strategy to drive growth in top-line revenue."
The agreement is contingent upon GAXC's ability to obtain financing within 90 days.
"We remain focused on delivering positive financial results for our shareholders and other stakeholders," McQuain said. "Getting this behind us, along with the ongoing positive results of our turnaround strategy and the strength of our core business, will continue to add momentum toward our profitability and growth."
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