JACKSONVILLE, Fla., Jan. 10, 2012 /PRNewswire/ -- Global Axcess Corp (OTC Bulletin Board: GAXC; the "Company"), an independent provider of self-service kiosk solutions, today announced that it has purchased an additional 50 ATM sites from undisclosed, privately held nationwide networks of automated financial service terminals.
Global Axcess purchased the ATMs and existing relationships to manage ATMs at service station locations in the West and mid-Western states. This was the second and third acquisition from these nationwide networks, respectively.
The asset purchases, which closed at the end of December, should add approximately $400,000 in combined revenue and $100,000 in combined EBITDA to Global Axcess' core ATM business. In consideration for the ATM equipment and the contracts, Global Axcess paid a combined $215,000.
Lock Ireland, Interim Chief Executive Officer of Global Axcess, commented, "This transaction continues our aggressive efforts to accelerate our ATM growth and profitability through additional strategic asset purchases. By acquiring another portfolio of established ATMs, we expect to quickly generate additional revenue and deliver positive EBITDA to our bottom line in 2012 and beyond."
The Company funded the acquisition primarily through a facility with its senior lender.
About Global Axcess Corp
Headquartered in Jacksonville, Florida, Global Axcess Corp was founded in 2001 with a mission to emerge as the leading independent provider of self-service kiosk services in the United States. The Company provides turnkey ATM and other self-service kiosk management solutions that include cash and inventory management, project and account management services. Global Axcess Corp currently owns, manages or operates approximately 5,300 ATMs and DVD kiosks in its national network spanning 43 states. For more information on the Company, please visit http://www.globalaxcess.biz. For more information on Nationwide Money Services, please visit http://www.nationwidemoney.com.
Investor Relations Contacts: Michael J. Loiacono IR@GAXC.biz
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as: "believes," "expects," "may," "will," "should," or "anticipates," or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. Forward-looking statements give the Company's current expectations or forecasts of future events, future financial performance, strategies, expectations, competitive environment, regulation, and availability of resources. The forward-looking statements contained in this release include, among other things, statements concerning projections, predictions, expectations, estimates or forecasts as to the Company's business, financial and operational results and future economic performance, and statements of management's goals and objectives and other similar expressions concerning matters that are not historical facts. These statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements.
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SOURCE Global Axcess Corp