Global Axcess Corp, a rapidly growing independent electronic financial transaction processing company, announced that the Company has secured an additional $3 million debt facility with Wachovia Bank. Wachovia has previously provided $3.5 million of various credit facilities to the company.
Mike Dodak, CEO of Global Axcess, stated, “We are delighted to secure the additional $3 million in capital with Wachovia, our existing bank. This facility will be used to complete the previously announced acquisition of 1,500 ATMs. This attractively priced capital will allow more of the gross margin from the acquisition to drop to the bottom line thereby enhancing long- term shareholder value. Obtaining both debt and equity financing at favorable terms and rates is always a challenge, with this being one more step along the way to maintaining the growth of both our top and bottom line.”
About Global Axcess Corp
Headquartered in Ponte Vedra Beach, Florida, Global Axcess Corp was founded in 2001 with a mission to emerge as one of the nation’s leading network-based electronic commerce and transaction processing companies. Through its wholly owned subsidiary, Nationwide Money Services, Inc. (NMS), the Company provides turnkey ATM management solutions that include cash, project and account management services. NMS currently owns and operates over 3,500 ATMs in its national network spanning 42 states and provides proprietary ATM branding and processing for over 70 financial institutions with approximately 650 branded sites nationwide. EFT Integration, Inc. (EFTI), a wholly owned subsidiary of Global Axcess, provides traditional, certified transaction processing and terminal driving to its valued customers and is developing alternative processing solutions for expanding ATM functionality through web-based products and services. Through its wholly owned subsidiary Electronic Payment & Transfer Corp, product offerings target potentially new ATM users with web-based solutions to provide financial services to the un-banked customer, such as payroll distribution products, money transfer and pre-paid products/services. For more information on the Company, please visit .
