News

Global Axcess makes personnel changes

August 30, 2001

SAN DIEGO -- Global Axcess Corp. (OTC Bulletin Board: GLXS) has made several major personnel changes, including the appointment of Steven B. Mortesen, former chairman and chief executive officer, to the board of directors. Richard Wray, currently vice-chairman of the board, is the company's new CEO and chairman of the board.

James H. Collins, former CEO/CFO and director, and David Fann, former chairman of the board, are no longer officers or directors of the company.

"The return of Steve Mortesen to our board of directors and Richard Wray assuming the position of CEO/chairman will enable Global to further its corporate plan for the coming years," said, Mike Dodak, president and chief operating officer.

Global Axcess Corp. (formerly known as Netholdings.com, Inc.) was incorporated in Nevada on July 5, 1996 under the name of Gerant Industries, Inc. Global Axcess Corp. is a holding company which conducts all of its operations through its wholly owned subsidiaries in the non-banking ATM network financial services 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.