Global Axcess Realizing Record Growth of Branded Cash Program.
Global Axcess Corp. (BULLETIN BOARD: GLXS) , a rapidly growing independent electronic financial transaction processing company, today announced that the Company is realizing record growth of its proprietary Branded Cash Program. Since the end of the first quarter of 2004, the Company's wholly owned subsidiary Wholly Owned Subsidiary
A subsidiary whose parent company owns 100% of its common stock.
In other words, the parent company owns the company outright and there are no minority owners. , Nationwide Money Services, Inc., has increased the number of Branded Cash partners from 41 independent financial institutions to 54 and has expanded the number of Branded Cash ATM sites under contract from 376 to 473.
Owned and managed by Nationwide Money, the Branded Cash Program is a turnkey ATM network solution that is marketed to credit unions, community banks and regional financial institutions. By partnering with Nationwide Money, a financial institution is empowered with the ability to broaden its market area, offer its customers free ATM access and promote its own corporate identity among consumers in the markets they serve -- all at a fraction of the cost of what it would require if they owned, operated and supported their own ATM network.
New Branded Cash partners include a series of community banks and credit unions located primarily in Washington, D.C., Virginia, North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures
Area, 52,586 sq mi (136,198 sq km). Pop. and South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures
Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. , and include, but are not limited to:
* Henrico Federal Credit Union, * Library of Congress Federal Credit Union, * Burke & Herbert Bank and Trust, the oldest bank in the State of Virginia, * Union Bankshares Corporation, and * Millennia Community Federal Credit Union.
"Since first introducing our Branded Cash Program to the marketplace as an alternative, cost efficient solution for small and regional financial institutions interested in offering their customers ATM convenience, we have experienced a steady, upward growth rate for this business line -- that is, until the second quarter of this year," stated Michael Dodak, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Global Axcess. "Beginning in April, Branded Cash took flight and continues to expand at a record pace. Based on our current pipeline of prospective new partners, we fully expect to remain on track to exceed 600 branded sites by year end."
About Global Axcess Corp.
Headquartered in Ponte Vedra Beach, Florida
Ponte Vedra Beach is an unincorporated seaside community 18 miles (29 km) southeast of downtown Jacksonville, Florida, near St. Augustine, Florida in St. , 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 See NetWare Management System. ), the Company provides turnkey ATM management solutions that include cash, project and account management services. NMS currently owns and operates over 2,500 ATMs in its national network spanning 39 states and provides proprietary ATM branding and processing for 54 financial institutions with over 470 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 http://www.globalaxcess.biz/.
Certain statements contained in this press release, including statements regarding events and financial trends that may affect our future operating results, financial position and cash flows, may constitute "forward-looking statements" within the meaning of the federal securities laws. These certain statements are based on our assumptions and estimates and are subject to risks and uncertainties. You can identify these forward-looking statements by the words like "strategy", "expects", "plans", "believes", "will", "estimates", "intends", "projects", "goals", "targets", and other words of similar meaning. You can also identify them by the fact that they do not relate strictly to historical or current facts. For these statements, we claim the protection of the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. For further information on factors that could impact Global Axcess Corp. and statements contained in this press release, reference should be made to Global Axcess Corp's filings with the Securities and Exchange Commission, including quarterly reports on Form 10- QSB QSB Fading
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