News

Global Axcess raises $3.5M, funds to pay for acquisition

February 11, 2004

PONTE VEDRA, Fla. - Global Axcess Corp. (OTC Bulletin Board: GLXS) says it has completed a private placement of its common stock with two institutional investors, Renaissance Capital Group and Barron Partners, for a total of $3.5 million.

According to a news release, proceeds from the financing will be used to complete the previously anounced acquisition of 900 ATM/merchant contracts from Progressive Ventures, a Texas corporation with ATMs in the Southeastern and Southwestern U.S. Global Axcess is paying $3.9 million in cash for Progressive Ventures.

(See related stories Global Axcess says ATM acquisition is pending and Global Axcess acquiring unnamed ISO)

"We are very pleased with the financial support that we have been winning from the institutional investing community," said Michael Dodak, the company's chairman and chief executive, in the release. "Not only will this funding provide us with the necessary cash we require to make a key, strategic acquisition, it marks significant progress in
the advancement of our corporate growth objectives."

The company said it raised $2.4 million through a private placement of its common stock with a group of institutional and accredited investors in January. (See related story Global Axcess raises $2.4M in private placement)