Global Axcess Corp.  a leading provider of ATM services and DVD self-service kiosks, announced today that it entered into as Asset Purchase Agreement with a "stalking horse bidder," Financial Consulting & Trading International, Inc., a wholly owned subsidiary of Seven Bank, Ltd., to acquire substantially all of the assets of the company's ATM operating business.  The DVD assets will be sold under a separate process.  The ATM business sale will potentially allow the Company to emerge with the strong financial backing of a new owner with substantial experience in the ATM industry.

To facilitate the sale, the company and its business units have filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Court for the District of Nevada.  The company has obtained a commitment from Fifth Third Bank for debtor-in-possession financing of approximately $1.5 million, subject to Court approval.

The company intends to continue operating its business without interruption during the sale period and the company remains confident in its existing pipeline of business opportunities.  The company maintains relationships with some of the top ATM industry service providers.

FCTI has agreed to serve as the "stalking horse bidder" for the sale process, which allows other interested parties to come forward with competing bids.  Aggregate consideration offered by FCTI for the purchase totals approximately $10 million and the Company hopes to receive Bankruptcy Court approval to consummate the sale as soon as possible.

The Company is being advised by MorrisAnderson and Golding & Company as its financial advisors and Smith, Gambrell & Russell as legal counsel.  FCTI is being advised by Skadden, Arps, Slate, Meagher & Flom as legal counsel.

Headquartered in Jacksonville, FL, 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.