JACKSONVILLE, Fla., June 14, 2012 /PRNewswire/ -- Global Axcess Corp (OTC Bulletin Board: GAXC - News; the "Company"), an independent provider of self-service kiosk solutions, today announced that it has executed a refinancing agreement to several of its credit facilities with Fifth Third Bank that effectively extends its amortization of debt from an average of 36 months to 48 months, effective June 1, 2012.
In addition, the agreement calls for:
- No principal or interest payments for June and July, 2012 on select facilities; payments begin effective August 1.
- Interest only on the Company's large lease facility for June and July, 2012 and principal payments beginning August 1.
This amended agreement extends the re-amortization from an average of 36 months to an average of 48 months. As a result of the refinancing and re-amortization, Global Axcess expects to save approximately $800,000 in principal payments for the remainder of 2012.
In exchange for the extension of the amortization, the interest rate on all affected debt will increase to 7.5% through March, 2013.
Michael J. Loiacono, Chief Financial Officer of Global Axcess, commented, "Fifth Third Bank maintains a clear understanding of our business needs and their willingness to re-amortize our debt will significantly help our cash flow during the remainder of 2012. We appreciate their continued support of our financial and operational goals."
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 more than 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 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.
Other factors that could cause the Company's actual performance or results to differ from its projected results are described in its filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. You should not read forward-looking statements as a guarantee of future performance or results. They will not necessarily be accurate indications of the times at or by which such performance or results will be achieved. Forward-looking statements speak only as of the date the statements are made and are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events. The Company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information.
SOURCE Global Axcess Corp