Cash Systems, Inc. (Nasdaq: CKNN) (the “Company”
or “Cash Systems”)
announced today that Global Cash Access, Inc. (GCA) has closed the
acquisition of the Company.
The aggregate amount paid to Cash Systems’
stockholders, note holders and warrant holders, together with Cash
Systems’ transaction expenses, is
approximately $33 million. Cash Systems is now a wholly owned subsidiary
of GCA.
As a result of the consummation of the acquisition, Cash Systems’
common stock is expected to cease trading on The Nasdaq Global Market
prior to the opening of the market 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.
Receipt of Listing Notice from The NASDAQ Stock Market
As a result of the consummation of the Merger, Cash Systems has notified
NASDAQ to remove Cash Systems’ common stock
from listing on The Nasdaq Global Market and expects trading on The
Nasdaq Global Market to cease prior to the opening of the market on
August 11, 2008
On August 4, 2008, prior to the approval of the Merger by Cash Systems’
stockholders and the consummation of the merger, Cash Systems received a
notice from The NASDAQ Stock Market (“NASDAQ”)
indicating that Cash Systems’ common stock
has not regained compliance with NASDAQ Marketplace Rule 4450(b)(3) due
to the common stock not maintaining a minimum market value of publicly
held shares of $15,000,000 as required for continued listing under such
rule. As previously announced, Cash Systems received notices on May 1,
2008 and May 2, 2008 from NASDAQ relating to failures to comply with
NASDAQ Marketplace Rules 4450(a)(5) (relating to minimum bid price
requirement) and 4450(b)(3) (minimum market value of publicly held
shares).
The August 4, 2008 notice from NASDAQ notified Cash Systems that, unless
Cash Systems requests an appeal of its determination of non-compliance,
trading of Cash Systems’ common stock will be
suspended at the opening of business on August 13, 2008 and NASDAQ will
remove Cash Systems’ common stock from
listing on The Nasdaq Global Market. Alternatively, NASDAQ notified Cash
Systems that it could apply by August 11, 2008 to transfer its common
stock to The NASDAQ Capital Market if it satisfies the listing
requirements of such market. As detailed above, as a result of the
consummation of the Merger, Cash Systems has requested that NASDAQ
suspend trading of Cash Systems’ common stock
on The Nasdaq Global Market effective as of the opening of the market on
August 11, 2008.
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.
Global Cash Access, Inc.
George Gresham, 702-855-3005
Adria
Greenberg, 212-255-8386 (Media)
adria@sommerfield.com
