News

Global Axcess says ATM acquisition is pending

September 7, 2003

PONTE VEDRA BEACH, Fla. – Global Axcess Corp. (OTCBB:GLXS) says it has signed a Letter of Intent to acquire approximately 900 ATM/merchant contracts from a privately-held company based in the Southeast, which was not named in a news release.

Successful closing of the acquisition is expected to occur on or before Jan. 15, 2004, according to the release. Global Axcess says its expects the acquisition will contribute additional annual net income of more than $500,000, resulting from the collective processing of more than 300,000 transactions per month on average.

No other details were disclosed.

According to a letter sent to its investors in July, Global Axcess said that it planned to acquire three ATM companies within 18 months. (See related story Global Axcess focusing on acquisitions, branding)

Global Axcess owns independent ATM deployer Nationwide Money Services, which owns and operates more than 1,600 ATMs in 39 states. It also owns transaction processor EFT Integration, Inc.