Global Axcess Corp Streamlines And Enhances Board Of Directors

JACKSONVILLE, Fla., May 23, 2011 /PRNewswire/ -- Global Axcess Corp (OTC Bulletin Board: GAXC.ob - News), an independent provider of self-service kiosk solutions, today announced the streamlining of its board of directors, in an effort to make the board more effective and appropriately sized.

The board elected Eric S. Weinstein, one of the largest shareholders of Global Axcess as well as a proven financial advisor and strategic planning professional, to the board. Mr. Weinstein is a founding partner of Chancellor Capital Management, LLC, a private investment partnership and hedge fund concentrating on small-cap public equities formed in 2009. He is also the co-founder of Weequahic Partners, LLC, which operates under a family office structure investing in and advising companies on corporate and strategic issues. From 2003 to 2004, he was Vice President of Strategic Planning for Centennial Communications Corp. Prior to joining Centennial, he was a Director of Credit Suisse First Boston, Inc. ("CSFB") where Mr. Weinstein served as a key advisor in numerous principal transactions, mergers, acquisitions, equity and leveraged financings. Mr. Weinstein originally joined Donaldson, Lufkin & Jenrette, Inc. ("DLJ") in 1996, prior to the acquisition of DLJ by CSFB, as the Wireless and Satellite equity research analyst. In 2000, he joined the firm's Private Equity Group as a Principal where he focused more broadly on telecommunications investment opportunities before returning to Equity Research in 2002 as the Senior U.S. Wireless analyst. Prior to joining DLJ, he had been an equity research analyst at Salomon Brothers and Lehman Brothers. Mr. Weinstein obtained his Bachelor of Science degree in Economics from the University of Pennsylvania's Wharton School of Business.

Simultaneously, Walter Howell and Alan W. Rossiter have stepped down from the board, reducing the board from six to five members.

Joseph Loughry, III, Chairman of the Board, commented, "We thank Walter Howell and Alan Rossiter for their years of valuable service to Global Axcess, and welcome Eric to the board. Ultimately, this transition provides us with a smaller, more effective and I believe more efficient board, which should better represent the interests of shareholders. Eric previously sat on the board of UbiquiTel, Inc., a public company ultimately sold to Sprint Nextel for $1.3 billion, and he adds experience as a financial services executive, including equity research, investment banking, private equity, institutional investing and strategic planning. Between Eric's appointment today and Michael Connolly's appointment to the Board last December I believe we have added needed new skills and fresh ideas for building value for our shareholders."

During the recent insider buying window, which opened following the filing of the Company's Form 10-Q with the Securities and Exchange Commission, members of the board of directors have purchased approximately 214,000 shares of common stock in open market transactions. With these purchases and the addition of Mr. Weinstein's current 3.5 percent holding, the board now holds approximately 6.7% of the outstanding shares in aggregate, up from approximately 2.5% as of March 2, 2011.

"We have indicated a goal of the board achieving 10% ownership in the company, over time, through open market purchases," Mr. Loughry continued. "In the last few months, we have taken significant steps toward achieving that goal, despite decreasing the number of directors on the board. In addition, we added one of our largest shareholders to the board, significantly increasing shareholder representation. Together, we believe this will better align the board of directors with the goals of shareholders."