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Global Axcess closes loan, expands ATM branding program
July 7, 2004
PONTE VEDRA, Fla. - Global Axcess Corp. (OTCBB:GLXS), has negotiated a revolving $500,000 senior secured working capital credit facility and a revolving $1.25 million leasing credit facility with Wachovia Corporation.
Mike Dodak, Global Axcess' chief executive, called the loan "a significant milestone" for the company. "With yet another record year underway, ample capital resources available and numerous growth opportunities under evaluation, Global Axcess is strong, focused and very excited about the future," he said.
Global Axcess also reported growth in its Branded Cash Program, which allows banks and credit unions to offer their customers free ATM access on machines with the institution's name on them. The program is managed by Nationwide Money Services, a subsidiary of Global Axcess.
The number of Branded Cash partners has increased from 41 financial institutions to 54 since the end of 2004's first quarter, according to a news release, while the number of branded ATM sites grew from 376 to 473. Dodak said Global Axcess expects to have more than 600 branded sites by the end of 2004.
Nationwide Money Services has added clients to the program most recently in the Washington, D.C., Virginia and North and South Carolina markets. The Branded Cash program offers clients access to more than 2,500 ATMs in 39 states.
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