News

Global Axcess focusing on acquisitions, branding

July 10, 2003

PONTE VEDRA, Fla. -- In a letter to its investors, ATM services provider Global Axcess Corp. (OTC Bulletin Board: GLXS), says that its management team is identifying, qualifying and negotiating with with several ISOs it hopes to acquire.

"It is our intent to acquire three companies within 18 months," according to the letter. "Full execution of this acquisition strategy is expected to yield double and perhaps triple digit revenue and earnings growth over the same timeframe."

The company's wholly owned subsidiary, Nationwide Money, is putting an increased emphasis on its Branded Cash Program, which offers participating financial institutions surcharge-free access to its ATMs. According to the letter, 31 financial institutions currently participate in the program at 300 branded sites.

"It is our plan to ... significantly increase Nationwide's geographic footprint of its branded ATM network," the letter said.

Nationwide Money Services owns and operates more than 1,600 ATMs in 39 states.

Global Axcess also owns transaction processor EFT Integration, Inc.