Cash Systems, Inc. (Nasdaq: CKNN) (the “Company”)
announced today that at its Annual Meeting of Shareholders held today, a
majority of its shareholders have approved the acquisition of the
Company by Global Cash Access, Inc.
GCA is acquiring all of Cash Systems’ issued
and outstanding shares of common stock which has been converted into the
right to receive cash in the amount of $0.50 per share and all of Cash
Systems’ outstanding convertible promissory
notes and warrants will be redeemed for the sum of $21 million plus
accrued but unpaid interest.
The Company expects the transaction will close on August 8, 2008 and
that its common shares will be suspended from trading at the open of
business on August 11, 2008.
Goldman, Sachs & Co. acted as financial advisor to GCA and Morrison &
Foerster LLP acted as legal advisor to GCA. Deutsche Bank Securities
Inc. and Alpine Advisors LLC acted as financial advisors to Cash Systems
and Manatt, Phelps & Phillips LLP acted as legal advisor to Cash Systems.
About Cash Systems
Cash Systems, Inc., located in Las Vegas, with an additional office in
Minneapolis, is a provider of cash-access and related services to the
retail and gaming industries. Cash Systems' products include its
proprietary cash advance systems, ATMs and check cashing solutions.
Please visit www.cashsystemsinc.com
for more information.
About Global Cash Access
Global Cash Access, Inc., a wholly owned subsidiary of Global Cash
Access Holdings, Inc. (NYSE: GCA), is the leading provider of cash
access and related services to the global gaming industry. Based in Las
Vegas, GCA serves approximately 1,100 casinos and other clients in the
U.S., Canada, Europe, the Caribbean and Asia. GCA provides proprietary
technology that helps responsible patrons access cash via ATM, debit
card, check cashing and credit card cash advance transactions for their
casino entertainment. GCA also provides services that enhance casino
marketing initiatives and credit decision-making through its wholly
owned subsidiary Central Credit LLC, a credit decision-making tool that
uses proprietary credit bureau databases. GCA is recognized with
numerous gaming industry awards for developing technologies and services
that enhance casino profitability and customer loyalty. For more
information, please visit www.globalcashaccess.com.
Integrated Corporate Relations
Don Duffy, 203-682-8215
