Global Axcess Corp (GAXC) Signs MOU with BidVest for Sale of 51% of Cash Axcess (CAC)

Global Axcess Corp (GAXC) Signs MOU with BidVest for Sale of 51% of Cash Axcess (CAC)

PONTE VEDRA, Fla., Sept. 1 /PRNewswire-FirstCall/ -- Global Axcess Corp (BULLETIN BOARD: GAXC) , a rapidly growing independent electronic financial transaction processing company, today announced that an agreement has been reached with The BidVest Group Limited to transfer 51% of GAXC's South African subsidiary, Cash Axcess (CAC), to International Payment Systems (IPS), a 100% BidVest-owned company.

The terms of the transaction includes a cash investment into CAC by BidVest, which will provide working capital for the more rapid expansion of the ATM program throughout the South African marketplace.

Mike Dodak, CEO of Global Axcess, stated, "We are delighted to partner with such a diverse global financial conglomerate. BidVest is one of the largest and most well-known public companies in South Africa. The Company has existing relationships with national banks and other financial institutions, thus adding greater credibility and backing for CAC, and making it possible to win larger contracts. The union of Cash Axcess with BidVest's unique portfolio of clients will provide greater synergy and expanded opportunities for our ATM management portfolio in South Africa. I believe this corroborates the vision of our management as we execute our plan to expand through strategic growth initiatives, while recognizing the strength of collaborating with a dominant market player. Due to the strong demand of our ATM program in South Africa, we expect dramatic expansion of our network as we leverage our expertise with BidVest's market penetration. We are extremely excited by the opportunities ahead."

Ray Brederode, CEO of Cash Axcess, stated, "We are extremely excited to partner with BidVest as it allows us to compete aggressively in a growth market. Our ability to tap into Global Axcess' experience in a mature ATM market, the USA, whilst leveraging BidVest's local relationships and infrastructure, uniquely positions Cash Axcess for rapid expansion in the South African ATM market. Cash Axcess is focused on the entry level ATM market in South Africa, with a view to bringing banking facilities to the people. Entry level ATMs can be deployed in areas that have traditionally been neglected and will provide consumers with secure, convenient access to cash."

Trevor Chamberlain, Managing Director of International Payment Systems, stated, "By adding the Cash Axcess business to the International Payment Systems stable, we continue to grow our position as market leader of self service as well as bank branch teller automation solutions."

About International Payment Systems

International Payment Systems is 100% owned by the BidVest group of companies and forms part of the BidServ Security Division. IPS currently offers the full range of De La Rue Cash Systems and Scan Coin cash counting equipment as well as Ingenico POS terminals to financial institutions.

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 http://www.globalaxcess.biz/ .

Safe Harbor Statement

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 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, current reports on Form 8-KSB and annual reports on Form 10-KSB (you can access such filings at http://www.sec.gov/ ).

Contacts:
Company
Global Axcess Corp
David Fann, 904-395-1146
David.Fann@glxs.biz

Or

Investors
Alliance Advisors, LLC
Alan Sheinwald, 914-244-0062
asheinwald@allianceadvisors.net

Source: Global Axcess Corp

CONTACT: David Fann, Global Axcess Corp, +1-904-395-1146, or
David.Fann@glxs.biz; or Alan Sheinwald, Alliance Advisors, LLC,
+1-914-244-0062, or asheinwald@allianceadvisors.net, for Global Axcess Corp

Web site: http://www.globalaxcess.biz/

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