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Global Axcess reaches legal settlement with shareholder
January 28, 2009
JACKSONVILLE, Fla. — Independent ATM deployer Global Axcess Corp. says it has reached a settlement with Sidney Michael Cole, an investor and shareholder in GAXC.
Pursuant to the terms of the settlement, GAXC's insurer will tender a lump-sum cash amount to Cole's counsel on or before Feb. 12, and Cole will retain ownership of any company stock and warrants that he owned prior to the settlement.
As a result of the settlement, all claims are expected to be dismissed with prejudice and each party will pay his own attorney fees and costs.
GAXC says the terms of the settlement will have no impact on the company's income statement, and no cash outlay will be made by the company. All legal expenses incurred by GAXC relating to the settlement will be covered under the company's director and officer insurance policy. "We are very pleased that we have reached final settlement on four of the five legacy legal issues that we inherited from the previous management team," said George McQuain, GAXC's chief executive. "We are actively working on finalizing the settlement on the only remaining legacy item."
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