Global Axcess redeems all of its 9% convertibles due 2010 sold to Camofi

By Devika Patel

Knoxville, Tenn., Aug. 18 - Global Axcess Corp. announced in an 8-K filed Monday with the Securities and Exchange Commission it arranged to redeem all $3.5 million of the 9% senior subordinated secured convertible notes due Oct. 27, 2010 it sold to Camofi Master LDC on Aug. 12.

The convertibles will be bought back for a lump sum of $3.7 million.

In addition, the company is amending the warrants issued to Camofi. The strike price will be lowered to $0.01 from $1.75.

Based in Ponte Verde Beach, Fla., Global Axcess owns and operates automated teller machines.

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