Cash Systems Shareholders Approve Acquisition by Global Cash Access.LAS VEGAS Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. -- Cash Systems, Inc. (Nasdaq: CKNN) (the "Company") announced today that at its Annual Meeting of Shareholders held today, a majority of its shareholders have approved the acquisition of the Company by Global Cash Access, Inc. GCA GCA, ground-controlled approach: see instrument-landing system. is acquiring all of Cash Systems' issued and outstanding shares of common stock which has been converted into the right to receive cash in the amount of $0.50 per share and all of Cash Systems' outstanding convertible promissory notes and warrants will be redeemed for the sum of $21 million plus accrued but unpaid interest. The Company expects the transaction will close on August 8, 2008 and that its common shares will be suspended from trading at the open of business on August 11, 2008. Goldman, Sachs & Co. acted as financial advisor to GCA and Morrison & Foerster LLP LLP - Lower Layer Protocol acted as legal advisor to GCA. Deutsche Bank Securities Inc. and Alpine Advisors LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control acted as financial advisors to Cash Systems and Manatt, Phelps & Phillips LLP acted as legal advisor to Cash Systems. About Cash Systems Cash Systems, Inc., located in Las Vegas, with an additional office in Minneapolis, is a provider of cash-access and related services to the retail and gaming industries. Cash Systems' products include its proprietary cash advance systems, ATMs and check cashing solutions. Please visit www.cashsystemsinc.com for more information. About Global Cash Access Global Cash Access, Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Global Cash Access Holdings, Inc. (NYSE NYSE See: New York Stock Exchange : GCA), is the leading provider of cash access and related services to the global gaming industry. Based in Las Vegas, GCA serves approximately 1,100 casinos and other clients in the U.S., Canada, Europe, the Caribbean and Asia. GCA provides proprietary technology that helps responsible patrons access cash via ATM, debit card debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. , check cashing and credit card cash advance transactions for their casino entertainment. GCA also provides services that enhance casino marketing initiatives and credit decision-making through its wholly owned subsidiary Central Credit LLC, a credit decision-making tool that uses proprietary credit bureau databases. GCA is recognized with numerous gaming industry awards for developing technologies and services that enhance casino profitability and customer loyalty. For more information, please visit www.globalcashaccess.com. |
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