Global Axcess Corp Extends Amortization on Select Credit Facilities
- Adjustments to Existing Facilities to Result in Principal Payment Reductions
of Over $800,000 for 2012 -
- Extends Amortization from an Average of 36 Months to 48 Months -
JACKSONVILLE, Fla., June 14, 2012
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:
oNo principal or interest payments for June and July, 2012 on select
facilities; payments begin effective August 1.
oInterest 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:
Brett Maas or Jeff Stanlis: (646) 536-7331
Brett@haydenir.com / Jeff@haydenir.com
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
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
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