NationWide Money

Wednesday, December 30, 2009

Global Axcess Corp Provides Year-End Business Update

JACKSONVILLE, Fla., December 30, 2009 /PRNewswire-FirstCall/ -- Global Axcess Corp (OTC Bulletin Board: GAXC - News; the "Company"), an independent provider of self-service kiosk solutions and parent company of Nationwide Money Services www.nationwidemoney.com, today recapped its 2009 business activities and achievements.

Operational update

Renewed a major client's placement contract for five years;

Renewed the contract of a major distributor for five years;

Closed a bank branding deal on select ATMs in Texas;

Renewed an existing financial institution outsourcing deal on ATMs;

Signed new, four-year contract valued at almost $100,000 per year, with a convenience store chain that will cover processing for a total of 50 ATMs when complete;

Closed two new ATM placement deals for a combined 61 new ATMs;

Expanded an existing client relationship by 65 new placement ATMs;

Signed a three-year, $750,000 annual contract, with a national grocery chain that has 400 locations nationwide. Under this new contract, the Company will install, maintain and conduct transaction processing for ATMs in 51 of their retail outlets;

Signed a five-year, $550,000 annual contract, with a regional convenience store chain in the Southeastern United States for ATMs at 52 locations;

Nine month financial review (through September 30, 2009)

Produced 12 straight quarters of positive net income;

Increased income from continuing operations 30% to $2.1 million from $1.6 million in the same period last year;

Decreased interest expense 34.8% to $509,800 from $782,300 in the same period last year primarily due to a decrease in debt balances and refinancing the debt to a lower interest rate;

Increased net cash provided by continuing operating activities 52.1% to $3.3 million compared to net cash provided by continuing operating activities of $2.1 million in the year-ago period;

Increased adjusted EBITDA 5.4% to $3.6 million from $3.5 million in the year-ago period;

Increased net income 34.6% to $1.1 million from $839,300 in the same period last year;

Closed a financing agreement with SunTrust Bank, extending a $5 million line of credit to the Company at a fixed interest rate of 6.99%, thereby satisfying loans with Wachovia Bank and CAMOFI.

Refinanced $1.2 million in 9% debenture notes due in October 2010, reducing the Company's working capital requirements for 2010 by extending the maturity date of the notes by 15 months without any pre-payment penalty. As a result of the early repayment, Global Axcess expects approximately $40,000 in 2010 interest savings due to the lower interest rate of the loan. Additionally, there will be the elimination of warrants for 345,000 shares of the Company's common stock which were issued in relation to these notes.

7800 Belfort Parkway, Suite 165, Jacksonville, FL 32256 www.globalaxcess.biz

DVD Initiative

The Company recently announced an expansion on its DVD initiative, and for 2010, the Company expects:

To roll out between five and 10 DVD kiosk locations per month in the first half of 2010

To accelerate this schedule to 15-20 kiosks per month through the remainder of 2010

That additional contract wins from new or existing customers would represent upside potential to this schedule

That approximately 30% of its current 4,500 ATM locations make them well suited for the addition of DVD kiosks.

Mr. George McQuain, Chief Executive Officer of Global Axcess, stated, "Global Axcess has a market leading position in the automated teller machine (ATM) industry based on its superior operational excellence, industry leading customer service, ATM up-time and on-time residual payments. We began leveraging that expertise in our DVD kiosk pilot initiative mid year, and due to its success, management recently announced a significant expansion of the program during 2010, positioning the Company to compete aggressively in the expanding kiosk rental industry. We still expect organic growth in our ATM business in 2010, which is reflected in our expanded sales and marketing staff who are largely responsible for our recent wins, our increased request for proposal (RFP) activities and our greater brand name recognition. However, revenue and gross margin is substantially greater in the DVD kiosk rental market and we will be vigorously pursuing wins in that arena over the next year."

Mr. McQuain concluded, "We continue to focus on long term contracts, resulting in sustainable, predictable profitability, while demonstrating the scalability of our business. We significantly strengthened our balance sheet during 2009 and our concerted efforts over the last few quarters to resolve the last lingering overhangs impacting the company, including prior financing arrangements and litigations, contributed to significant improvements in our profitability, as we reduced our interest expense as a percentage of revenue, leveraged our cost structure, and increased gross margin and revenues. We are entering 2010 in an excellent position both financially and operationally."

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 4,500 ATMs and other self-service kiosks in its national network spanning 43 states. For more information on the Company, please visit http://www.globalaxcess.biz.

Investor Relations Contacts:

Sharon Jackson: 904-395-1149

IR@GAXC.biz

Hayden IR:

Brett Maas or Jeff Stanlis: (646) 536-7331

Brett@haydenir.com / Jeff@haydenir.com

This press release may contain forward-looking statements. 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. Various important risks and uncertainties may cause the Company's actual results to differ materially from the 7800 Belfort Parkway, Suite 165, Jacksonville, FL 32256 www.globalaxcess.biz

results indicated by these forward-looking statements. For a list and description of the risks and uncertainties the Company faces, please refer to Part I, Item 1 of the Company's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 3, 2009, and other filings that have been filed with the Securities and Exchange Commission. The Company assumes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, and such statements are current only as of the date they are made.