Source: Global Axcess
Global Axcess Corp (OTC Bulletin Board: GAXC), an independent provider of ATM solutions, announced that the Company has closed on the sale of 50% of GAXC's South African subsidiary, Cash Axcess Corporation (CAC), to Industrial Electronic Investments Limited (VenFin), which is a large South African private investment firm.
The terms of the transaction were not disclosed; however, proceeds from the transaction will provide working capital, which will be used for the more rapid expansion of the ATM program throughout the South African marketplace.
Mike Dodak, CEO of Global Axcess, stated, "We are pleased to partner with VenFin in South Africa, in an effort to further strengthen our market position and expand the presence of CAC. VenFin has been actively investing in many well-known names in the South African and World markets for many years. We are delighted they found CAC to be an attractive investment for their portfolio and decided to be our financial partner. Their capital investment will enable CAC to expedite the execution of their business plan."