The news puts Ford, which has now turned profits for a year and a half, even further ahead of its Detroit rivals as the American auto industry slowly turns around.

Read more of the story here from Yahoo

I think Ford has been successful as well because of their strategic advertising partnership with Amercian Idol and being heavily involved with internet marketing strategies. They are definitely one to watch in the Auto Industry and looking at their stock price levels today compared to the past few years it looks like Ford is a company to watch.

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I was just reading this article on Forbes.com and thought I would share.

The National Bureau of Economic Research tells us today that the recession that began in December 2007 technically ended in June 2009. That’s when general business activity in the U.S. reached a low point and the recovery began.

Unfortunately, the recovery is what most people care about at this point, and it’s been lackluster at best. Since May 2009 unemployment has fluctuated between 9.4% and 10.1%. Federal Reserve officials have said in recent months that consumer demand, the housing sector and bank lending all remain weak. Congress has yet to decide what to do about expiring tax benefits, creating uncertainty in the economy. Even the NBER, the unofficial arbiter of recession start and end dates, says that “economic activity is typically below normal in the early stages of an expansion, and it sometimes remains so well into the expansion.”

Read More

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“We have achieved a compelling strategic position in an emerging industry, and we are situated to benefit from the enactment of Healthcare reform legislation as more individuals will have access and a means for reimbursement of our programs,” commented Bruce A. Shear, Pioneer’s President and CEO. “We continue to grow our patient census, driving organic growth, and we believed this is the optimum time to retain Hayden IR to assist us in formulating and executing a broad program to articulate the inherent value of our business model to the investment community.”

With offices in New York, Phoenix, Minneapolis and San Diego, Hayden IR provides a comprehensive range of investor relations services to a growing list of clients. For more than a decade, Hayden IR has been a recognized leader in driving market recognition and creating sustainable competitive advantages for more than 100 micro- and small-cap companies. Hayden delivers expertise and professionalism in such areas as investor management, relationship building, awareness campaigns, online presence and corporate identity.

Brett Maas, Managing Partner at Hayden IR, added, “Pioneer Behavioral Health’s proven business model and compelling growth profile will be attractive to our audience of professional investors. Pioneer’s growth has reached the point where additional revenues should more directly impact the bottom line, and this leverage in the business model creates a compelling near-term opportunity for growth-oriented investors. With pending CMS certification, the Seven Hills Behavioral Institute in Henderson, Nevada has the potential to add as much as more than five cents per year to the Company’s earnings per share and we plan to broaden the Company’s audience of potential investors in advance of this anticipated growth. The Company also has a solid balance sheet which will be attractive to value-oriented investors. Additionally, ongoing consolidation in the industry creates additional opportunities for Pioneer to accelerate its growth, which would lead to higher valuation multiples going forward. We are excited to represent Pioneer Behavioral Health and look forward to a productive relationship.”

About PHC d/b/a Pioneer Behavioral Health

PHC, Inc., d/b/a Pioneer Behavioral Health, is a national healthcare company providing behavioral health services in five states, including substance abuse treatment facilities in Utah and Virginia, and inpatient and outpatient psychiatric facilities in Michigan, Pennsylvania, and Nevada. The Company also offers internet and telephonic-based referral services that includes employee assistance programs and critical incident services. Contracted services with government agencies, national insurance companies, and major transportation and gaming companies cover more than one million individuals. Pioneer helps people gain and maintain physical, spiritual and emotional health through delivering the highest quality, most culturally responsive and compassionate behavioral health care programs and services. For more information, visit www.phc-inc.com.

Statement under the Private Securities Litigation Reform Act of 1995

This press release may include “forward-looking statements” that are subject to risks and uncertainties. Forward-looking statements include information about possible or assumed future results of the operations or the performance of the Company and its future plans and objectives. Various future events or factors may cause the actual results to vary materially from those expressed in any forward-looking statements made in this press release. For a discussion of these factors and risks, see the Company’s annual report on Form 10-K for the most recently ended fiscal year.

NEW YORK (AP) — Stocks had a fitting end to a choppy July as prices seesawed their way to a narrowly mixed finish. The market still had its best month in a year.

Investors had an ambivalent response Friday to the government’s gross domestic product report, which showed that economic growth slowed in the April-June quarter. The Dow Jones industrial average fell almost 120 points in early trading, then ratcheted up and down until the close. The Dow ended down just a point, and the other big indexes had similarly small moves.

The day was much like the rest of July, which saw investors alternately buying on strong earnings reports and selling on weak economic numbers. The Dow rose 7.1 percent for the month. The Dow and the Standard & Poor’s 500 index both had their best months since July 2009 and their first winning months since this past April.

Hat Tip Yahoo Finance Check out more ..

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Cover-All Technologies Inc. (OTC Bulletin Board: COVR.OB), a Delaware corporation (“Cover-All” or the “Company”), today announced that John Roblin, Chairman of the Board of Directors and Chief Executive Officer of the Company, will present at the Noble Financial Sixth Annual Equity Conference at 8:30 a.m. ET on June 7, 2010. This by-invitation-only conference will be held June 7-8, 2010 at the Seminole Hard Rock Hotel, Hollywood, Fla. Registered conference attendees may request 1-on-1 meetings with Cover-All management who will be available during the day on June 7. Please contact your Noble Financial representative to schedule a meeting.

Cover-All recently reported its 13th consecutive profitable quarter and Mr. Roblin will discuss the Company’s strong financial performance. He will also discuss the Company’s recent acquisition of Moore Stephens Business Solutions LLC (MSBS), a provider of business intelligence and advanced analytics solutions to the insurance industry based in New York. This acquisition allows Cover-All to expand into the business intelligence marketplace, adding approximately $6 million in annualized revenue, and will fuel Cover-All’s organic growth, giving it new solutions to sell to a much larger installed base. The Company is also expanding its My Insurance Center(TM) offering with exciting new capabilities that will further accelerate organic growth.

The presentation will be webcast – audio / video / PowerPoint – live, and available for viewing at www.cover-all.com (click on the “Company” tab, then “Investor Relations”) or through the Noble Financial websites at www.ontrack10.com or www.nobleresearch.com. Cover-All recommends registering at least 10 minutes prior to the start of the presentation to ensure timely access. Participants will need the SilverLight viewer (a free download from the presentation link) to participate. In addition, the webcast, transcript and written materials will be archived on the Company’s website

for 90 days following the event.

About Noble Financial

Noble Financial Capital Markets was established in 1984 and is an equity

research driven, full-service investment banking boutique focused on small-cap, emerging growth companies. The company has offices in New York, Boston, New Jersey, St Louis and Boca Raton.

About Cover-All Technologies Inc.

Cover-All Technologies Inc., since 1981, has been a leader in developing sophisticated software solutions for the property and casualty insurance industry — first to deliver PC-based commercial insurance rating and policy issuance software. Currently, Cover-All is building on its reputation for quality insurance solutions, knowledgeable people and outstanding customer service by creating new and innovative insurance solutions that leverage the latest technologies and bring our customers outstanding capabilities and value.

With extensive insurance knowledge, experience and commitment to quality, Cover-All continues its tradition of developing technology solutions designed to revolutionize the way the property and casualty insurance business is conducted. Additional information is available online at www.cover-all.com.

Cover-All(R), My Insurance Center(TM) (MIC) and Insurance Policy Database(TM) (IPD) are trademarks or registered trademarks of Cover-All Technologies Inc. All other company and product names mentioned are trademarks or registered trademarks of their respective holders.

Forward-looking Statements

Statements in this press release, other than statements of historical information, are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks which may cause the Company’s actual results in future periods to differ materially from expected results. Those risks include, among others, risks associated with increased competition, customer decisions, the successful completion of continuing development of new products, the successful negotiations, execution and implementation of anticipated new software contracts, the successful addition of personnel in the marketing and technical areas, our ability to complete development and sell and license our products at prices which result in sufficient revenues to realize profits and other business factors beyond the Company’s control. Those and other risks are described in the Company’s filings with the Securities and Exchange Commission (“SEC”) over the last 12 months, including but not limited to the Company’s Annual Report on Form 10-K for the year ended December 31, 2009, filed with the SEC on March 19, 2010, copies of which are available from the SEC or may be obtained upon request from the Company.

SOURCE: Cover-All Technologies Inc.

Cover-All Technologies Inc. 

Ann Massey, 973-461-5190 

Chief Financial Officer 

amassey@cover-all.com 

or 

Hayden IR 

Brett Maas, 646-536-7331 

Principal 

brett@haydenir.com

Connect with Brett Maas

JACKSONVILLE, Fla., May 6 /PRNewswire-FirstCall/ — Global Axcess Corp (OTC Bulletin Board: GAXC; the “Company”), an independent provider of self-service kiosk solutions, today announced that George McQuain, the Company’s chief executive officer, will present at the B. Riley & Co. 11th Annual Investor Conference at 8:30 a.m. (PDT) on May 26, 2010. The conference will be held May 24 – May 26 at the Loews Santa Monica Beach Hotel, 1700 Ocean Avenue, Santa Monica, Calif. Global Axcess management will be available during the day on May 26 for one-on-one meetings. Please contact your B. Riley representative to schedule a meeting.

Global Axcess recently reported its 13th consecutive profitable quarter and Mr. McQuain will discuss the Company’s strong financial performance in 2009, which has positioned it for continued revenue and net income growth in 2010. He will also discuss the Company’s recent entry into the self-service DVD kiosk market and highlight the Company’s aggressive plans to drive its national DVD kiosk expansion activity.

Investors and other interested parties may access the live presentation at http://www.wsw.com/webcast/brileyco14/gaxc/. The webcast will be archived for 90 days following the presentation and will be available on the Company’s website at www.globalaxcess.biz.

About the B. Riley & Co. 11th Annual Investor Conference

The two-day, invitation-only annual event, brings together a targeted audience of leading institutional investors, financial services professionals and other qualified investors. The conference will feature presentations by approximately 120 companies in a broad range of sectors, including: technology, consumer, retail, and financials. For more information, visit www.brileyco.com.

About Global Axcess Corp

Headquartered in Jacksonville, Florida, 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. The Company provides turnkey ATM and other self-service kiosk management solutions that include cash and inventory management, project and account management services. Global Axcess Corp currently owns, manages or operates more than 4,500 ATMs and other self-service kiosks in its national network spanning 43 states. For more information on the Company, please visit http://www.globalaxcess.biz.

Investor Relations Contacts:
Sharon Jackson: 904-395-1149
IR@GAXC.biz

Hayden IR:
Brett Maas or Jeff Stanlis: (646) 536-7331
Brett@haydenir.com / Jeff@haydenir.com

This press release may contain forward-looking statements. Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as: “believes,” “expects,” “may,” “will,” “should,” or “anticipates,” or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. Various important risks and uncertainties may cause the Company’s actual results to differ materially from the results indicated by these forward-looking statements. For a list and description of the risks and uncertainties the Company faces, please refer to Part I, Item 1A of the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 3, 2010, and other filings that have been filed with the Securities and Exchange Commission. The Company assumes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, and such statements are current only as of the date they are made.

SOURCE Global Axcess Corp

Acquisition Highlights:

• Cover-All, through its wholly owned subsidiary, Cover-All Systems, Inc., has acquired substantially all of MSBS’s assets (excluding working capital) for an aggregate purchase price of $2,450,000, with no assumed indebtedness.
• Approximately 96% of the purchase price consists of cash and a promissory note, and the remaining approximately 4% consists of Cover-All’s common stock.
• The acquired business is expected to be immediately accretive to Cover-All’s 2010 earnings with an operating margin comparable with Cover-All’s historic operating margin.
• On a trailing 12 months basis, MSBS generated over $6 million in revenue.
• The combined organization will total more than 55 customers, all of which are part of the same target market.
• Seth Rachlin, currently CEO of MSBS, will join Cover-All’s management as an executive vice president and serve as Managing Director of Cover-All’s new Business Intelligence unit. The unit, including the outstanding staff of MSBS, will continue to be based in their New York City office.

MSBS serves the insurance industry exclusively, providing Business Intelligence and advanced analytics solutions. Leveraging their Insurance Analytic Framework (IAF), which delivers accurate, available and actionable key metrics and dimensions specific to the insurance industry, MSBS has established a dominant presence in an otherwise underserved market. With the integration of these capabilities into the Cover-All portfolio, the combined company will be well positioned to deliver additional value to the existing customers of both companies, as well as benefit from an unrivaled and unique competitive advantage in its combined offerings.

While delivering three consecutive years of record revenues and profits, Cover-All has also been focused on building an innovative insurance information platform (My Insurance Center) utilizing leading-edge technologies and an information-centric architecture. These capabilities combined with exciting new offerings to My Insurance Center expected to be completed in late 2010, have positioned the Company for continued strong growth and profitability.

The acquisition of MSBS represents an additional pillar of the Company’s broader growth strategy as it looks to expand its customer base by offering additional leading-edge capabilities. Cover-All’s strategy includes continued focus on identifying immediately accretive opportunities that fit within its strategic vision.

“Thanks to our innovative strategy, customer focus, and talented results-oriented staff, I believe Cover-All has reached the point where we are ready for break-out growth, and this acquisition is evidence of that fact,” commented John Roblin, Chairman and CEO of Cover-All. “With our strong balance sheet and cash position, we are now able to shift our focus from stabilization to cultivation, and execute on the second part of our carefully planned growth strategy – a strategy which includes immediately accretive acquisitions which in turn, serve to fuel our organic growth and expanded offerings.”

“This acquisition presents an excellent opportunity for MSBS to move to the next level as we join the Cover-All family,” said Seth Rachlin, CEO of MSBS. “Building on our hard work over the past four years, we will now have additional resources to expand capabilities and our footprint.”

The acquisition creates a new opportunity for existing, as well as potential customers of both companies to leverage the power of an integrated solution that merges highly-focused Insurance Business Analytics with My Insurance Center, Cover-All’s revolutionary Policy Life-Cycle Management solution set. Additionally, the combined entity will look to leverage Cover-All’s proven business model of generating recurring revenue with a flexible cost structure, to drive further improvements to MSBS’s margins.

Cover-All continues to expand its reputation as a leader in developing innovative solutions for the insurance industry by focusing on the value of information. Following a philosophy of information-centric technology, Cover-All’s My Insurance Center has been built around the notion of leveraging the availability of data to drive business value. Similarly, MSBS has established an equally dominant position in their niche, focusing on a likeminded philosophy, developing the tools and know-how to assimilate data into powerful Business Intelligence. Further, both Cover-All and MSBS have established meaningful relationships within a similar market segment (but without any overlap) which will give rise to tremendous cross-selling opportunities.

Cover-All was advised by LMC Capital LLC, a boutique investment banking firm dedicated exclusively to the insurance industry.

Conference Call Information

Management will conduct a live teleconference to discuss this acquisition at 4:30 p.m. EDT on April 12, 2010. Anyone interested in participating should call 877-941-2069 if calling from the United States, or 480-629-9713 if dialing internationally. A replay will be available until April 19, 2010, which can be accessed by dialing 800-406-7325 within the United States and 1-303-590-3030 if dialing internationally. Please use passcode 4282019 to access the replay. In addition, the call will be webcast and will be available on the Company’s website at http://www.cover-all.com/.

About Moore Stephens Business Solutions

Moore Stephens Business Solutions (MSBS) is committed to being the leading provider of performance and data management solutions to the global insurance industry. MSBS seeks to bring together deep industry knowledge and proven frameworks with technology expertise in the deployment of non-proprietary, commercial software solutions. MSBS strives, above all, to be thought leaders on how Enterprise Data Management and Business Intelligence capabilities can deliver value to insurance carriers, reinsurers, MGAs and brokers. The interest in performance and data management solutions within the insurance industry is growing rapidly as companies try to keep pace with competition, prepare for a softening market, and better understand the level of market penetration and service being provided to its customers and by its partners. MSBS has delivered over 140 performance and data management solutions that have enabled clients to make data accurate, available, and actionable.

About Cover-All Technologies Inc.

Cover-All Technologies Inc., since 1981, has been a leader in developing sophisticated software solutions for the property and casualty insurance industry – first to deliver PC-based commercial insurance rating and policy issuance software. Currently, Cover-All is building on its reputation for quality insurance solutions, knowledgeable people and outstanding customer service by creating new and innovative insurance solutions that leverage the latest technologies and bring our customers outstanding capabilities and value.

With extensive insurance knowledge, experience and commitment to quality, Cover-All continues its tradition of developing technology solutions designed to revolutionize the way the property and casualty insurance business is conducted. Additional information is available online at www.cover-all.com

Cover-All®, My Insurance Center™ (MIC) and Insurance Policy Database™ (IPD) are trademarks or registered trademarks of Cover-All Technologies Inc. All other company and product names mentioned are trademarks or registered trademarks of their respective holders.

Forward-looking Statements

Statements in this press release, other than statements of historical information, are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks which may cause the Company’s actual results in future periods to differ materially from expected results. Those risks include, among others, risks associated with increased competition, customer decisions, the successful completion of continuing development of new products, the successful negotiations, execution and implementation of anticipated new software contracts, the successful addition of personnel in the marketing and technical areas, our ability to complete development and sell and license our products at prices which result in sufficient revenues to realize profits and other business factors beyond the Company’s control. Those and other risks are described in the Company’s filings with the Securities and Exchange Commission (“SEC”) over the last 12 months, including but not limited to the Company’s Annual Report on Form 10-K for the year ended December 31, 2008, filed with the SEC on March 30, 2009, copies of which are available from the SEC or may be obtained upon request from the Company.

Cover-All Technologies Inc.
Ann Massey, 973-461-5190
Chief Financial Officer
amassey@cover-all.com
or
Investors:
Hayden IR
Brett Maas, 646-536-7331
Principal
brett@haydenir.com

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WASHINGTON, March 31 /PRNewswire-FirstCall/ — WidePoint Corporation (NYSE Amex: WYY), a specialist in wireless mobility management and cybersecurity solutions, today announced financial results for the three months and full year ending December 31, 2009.

Full Year 2009 Highlights

• Net revenue for the year ended December 31, 2009 increased 22.2% to $43.3 million from $35.5 million in last year’s comparable period.
• Gross profit increased 44.3% to $9.5 million (21.9% gross margin), compared to $6.6 million (18.6% gross margin) last year.
• Operating income was approximately $1.7 million, a $2.4 million improvement from an operating loss of approximately $0.7 million during 2008.
• WidePoint reported its first profitable year, with net income of approximately $1.4 million, or $0.02 per diluted share, compared to a net loss of approximately $1.1 million, or ($0.02) per diluted share, in last year’s comparable period.
• The Company generated approximately $5.1 million in operating cash flow for the year and finished the year with $6.2 million in cash and cash equivalents as of December 31, 2009.

Fourth Quarter 2009 Highlights

• Net revenue for the quarter ended December 31, 2009 increased 12.5% to $11.4 million from $10.2 million in last year’s comparable period.
• Growth was driven by a 30% year-over-year increase in Wireless Mobility Management segment revenue and a 50% increase in Cybersecurity Solutions revenues.
• Gross profit increased 9.1% to $2.6 million (22.5% gross margin), compared to $2.4 million (23.2% gross margin).
• Operating income was approximately $580,000, an 18.4% increase, compared to operating income of approximately $490,000 in last year’s comparable period.
• Net income increased 80.9% to approximately $515,000, compared to net income of approximately $285,000, in last year’s comparable period.

Subsequent to Year End 2009

• In January 2010, WidePoint through a wholly owned subsidiary, Advanced Response Concepts Corporation, acquired the assets and relationships of VUANCE, Inc’s. Government Solutions Division, which focuses on security solutions for locating, credentialing, and managing critical personnel and “first responders” in emergency management situations.

Steve Komar, CEO, WidePoint commented, “This was a solid conclusion to an outstanding year, as we grew revenue both sequentially and year-over-year for every quarter this year, and expanded our gross profit and operating income steadily throughout the year. We also generated $5.1 million in operating cash flow to strengthen our balance sheet. Our Wireless Mobility Management segment continues to gain traction within the federal government, and we are increasing our presence in state and local government entities as well, due to our proven ability to manage mobile phone assets to optimize environments while substantially reducing expenses. In addition, our Cybersecurity Solutions segment, due in large part to our PKI-based Credentialing expertise, has grown significantly in the last year, expanding 50% compared to last year. Our progress during the last 12 months provides us with a growing degree of confidence that 2010 will represent another record year for WidePoint and its shareholders.”

Full-Year 2009 Results

Net revenue for the full year ended December 31, 2009 increased $7.8 million to $43.3 million, up 22.2%, compared to $35.5 million for last year’s comparable period. For the full year, gross profit increased 44.3% to $9.5 million, representing 21.9% gross margin; as compared to gross profit of $6.6 million, equating to an 18.6% gross margin realized last year.

Total operating expenses were $7.8 million, or 18.0% of revenue, for the full year ended December 31, 2009 compared to $7.3 million, or 20.6% of revenue, for the comparable period last year. WidePoint’s operating income was approximately $1.7 million compared to an operating loss of ($0.7) million in the same period last year. Net income was approximately $1.4 million, or $0.02 per basic and diluted share, compared to a loss of ($1.1) million, or ($0.02) loss per basic and diluted share, in the year ago period.

The Company generated approximately $5.1 million in operating cash flow for the year ended December 31, 2009, and it had $6.2 million in cash and cash equivalents as of December 31, 2009 compared to $4.4 million in cash and cash equivalents at December 31, 2008. Shareholders’ equity increased to $14.8 million at December 31, 2009, compared to $12.7 million at December 31, 2008.

Fourth Quarter Financial Results

Net revenue for the three months ended December 31, 2009 increased $1.2 million, or 12.5%, to $11.4 million from $10.2 million in last year’s comparable period. This was primarily due to annual growth in the Wireless Mobility Management and Cybersecurity Solutions segments, which increased 30% and 50%, respectively.

Gross profit for the Quarter increased 9.1% to $2.6 million, representing 22.5% gross margin, compared to $2.4 million (23.2% gross margin) last year. Total operating expenses increased 6.7% to $2.0 million for the quarter ended December 31, 2009 compared to $1.9 million for the year-ago period. However, operating expenses as a percentage of sales declined 90 basis points to 17.5% from 18.4% in the year-ago period. WidePoint reported operating income of approximately $580,000 in the fourth quarter, up approximately 18.4% from approximately $490,000 in the fourth quarter last year.

Net income was approximately $515,000, compared to net income of approximately $285,000, in the year-ago period.

WidePoint CFO Jim McCubbin added, “During the Quarter ended, we reported solid gains in the quarter with improved revenue and gross margin momentum. We grew revenue by 12.5%, primarily in our Wireless Mobility and Cybersecurity Solutions segments as we expanded our marketing efforts and as various federal government agencies continue to sponsor and expand their programs. Gross profit, for the quarter, increased by 9.1% year over year primarily related to a greater mix of higher margin services offered by these same two segments. This led to improved operating and net margins despite the higher cost of revenue, and continues to demonstrate the leverage in our operating model. Lower-margin Consulting Services declined approximately 3% to $10.4 million from $10.7 million primarily due to a reduction in software reselling activities.”

Mr. Komar continued, “Subsequent to our Quarter and Year end, we acquired VUANCE, Inc’s. Government Solutions Division software and services solution. We are currently re-positioning this WidePoint new market solution to be co-marketed with our existing PKI Credentialing service, and believe this acquisition significantly enhances our leadership position in the area of First Responder Authentication Credentialing. It also improves our ability to meet the accelerating demands from the Department of Homeland Security, as well as broadens our penetration of state and local first responder markets across the country.”

Mr. McCubbin concluded, “WidePoint made significant strides in expanding our profitability this year and we expect to continue that trajectory in 2010.  For 2010, management expects to:

• Increase consolidated revenues by 20-30%
• Expand gross margins and operating margins. Management has targeted gross margins in the range of 22-26% and operating margins in the range of 6-8%
• Maintain or decrease selling, general and administrative costs as a percent of total revenue
• Accelerate the growth rate of net income.”

Mr. Komar concluded, “We have already identified or are bidding on the projects necessary to achieve our 2010 goals, and we believe additional upside exists which could potentially allow us to exceed these aggressive targets.”

Conference Call Information

A conference call and live webcast will take place at 4:30 p.m. Eastern Time, on Wednesday, March 31, 2010. Anyone interested in participating should call 1-888-846-5003 if calling within the United States or 1-480-629-9856 if calling internationally. There will be a playback available until April 6, 2010. To listen to the playback, please call 1-800-406-7325 if calling within the United States or 1-303-590-3030 if calling internationally. Please use pin number 4265655 for the replay.

The call will also be accompanied live by webcast over the Internet and accessible at http://viavid.net/dce.aspx?sid=00007249.

About WidePoint

WidePoint is a specialist in providing wireless mobility management and cybersecurity solutions utilizing its advanced information technology products and services. WidePoint has several wholly owned subsidiaries holding major government and commercial contracts including, Operational Research Consultants, Inc., iSYS, LLC, Protexx, Advanced Response Concepts, Inc., and WidePoint IL. WidePoint enables organizations to deploy fully compliant IT services in accordance with government-mandated regulations and advanced system requirements. For more information, visit http://www.widepoint.com.

Safe-Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company’s financing plans; (ii) trends affecting the company’s financial condition or results of operations; (iii) the company’s growth strategy and operating strategy; (iv) the declaration and payment of dividends; and (v) the risk factors disclosed in the Company’s periodic reports filed with the SEC. The words “may,” “would,” “will,” “expect,” “estimate,” “anticipate,” “believe,” “intend” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company’s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk factors disclosed in the company’s Forms 10-K and 10-Q filed with the SEC.

SOURCE WidePoint Corporation

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-Record Net Income for the Year of $2.8 Million Included Recognition of Deferred Tax Assets of $1.3 Million; Net Income Excluding Tax Benefit is a Record $1.5 Million -

PR Newswire

JACKSONVILLE, Fla., March 2, 2010 /PRNewswire-FirstCall/ — Global Axcess Corp (OTC Bulletin Board: GAXC; the “Company”), an independent provider of self-service kiosk solutions, today announced the financial results for the fourth quarter and fiscal year ended December 31, 2009.

Financial highlights for the fourth quarter ended December 31, 2009 included:

    -- Revenue                                                   $5.4 million
    -- EBITDA from continuing operations (See Reconciliation)    $1.1 million
    -- Adjusted EBITDA** from continuing operations
       (See Reconciliation)                                      $1.1 million
    -- Income from continuing operations*                        $548,000
    -- Net income                                                $1.7 million
    -- Diluted earnings per share                                $0.07

Financial highlights for the fiscal year ended December 31, 2009 included:

    -- Revenue                                                  $21.5 million
    -- EBITDA from continuing operations (See Reconciliation)   $4.1 million
    -- Adjusted EBITDA** from continuing operations
       (See Reconciliation)                                     $4.7 million
    -- Income from continuing operations*                       $1.5 million
    -- Net income                                               $2.8 million
    -- Diluted earnings per share                               $0.12

*excluding recognition of deferred tax asset

**EBITDA before stock compensation expense and loss on early extinguishment of debt

Mr. George McQuain, Chief Executive Officer of the Company, stated, “This was a year of tremendous progress, as we position the Company for continued revenue and net income growth in 2010. During 2009, we increased our gross margin and operating income, and reported a new record net income for the year, demonstrating our ability to expand the Company’s profitability. We believe our focus on higher volume locations and managing our expenses, particularly our interest expense, has positioned us for additional acceleration of net income in 2010.”

Fourth Quarter 2009 Financial Results

The Company reported revenues from continuing operations of $5.4 million for the fourth quarter ended December 31, 2009, compared to $5.1 million for the fourth quarter ended December 31, 2008. This 4.9% increase was mainly due to increased focus on higher volume locations. Gross profit from continuing operations was $2.5 million, or 47.0% gross margin, for the fourth quarter ended December 31, 2009, compared to $2.4 million, or 46.2% gross margin, for the same period of 2008.

The recognition of deferred tax assets added $1.3 million of net income to the pre-tax operating profit of $404,481 and $1.5 million for the fourth quarter and fiscal year ended December 31, 2009, respectively. Deferred tax assets represent future potential tax deductions, which are a result of timing differences between tax laws and generally accepted accounting principles (“GAAP”). In order to recognize a deferred tax asset, GAAP requires evidence of sufficient future taxable income. Accounting practice typically views a history of profitability of eight to 12 consecutive quarters as sufficient evidence. In addition, a loss on the extinguishment of debt of $7,569 was recognized in the fourth quarter.

Operating income from continuing operations, excluding the recognition of a deferred tax asset and the loss on the extinguishment of debt, was $548,019 for the fourth quarter ended December 31, 2009, compared to $571,102 for the same period of 2008. During the fourth quarter of 2009, the Company recorded net interest expense of $135,969, compared to net interest expense of $264,006 for the same period of 2008. The decrease was mainly due to a decrease in debt and refinancing outstanding debt at a lower interest rate. EBITDA (earnings before net interest, taxes, depreciation and amortization) for the fourth quarter of 2009 was $1.1 million, compared to $1.1 million for the fourth quarter of 2008. Adjusted EBITDA (EBITDA before stock compensation expenses and loss on early extinguishment of debt) was $1.1 million for the fourth quarter of 2009 from $1.1 million for the fourth quarter of 2008. EBITDA and adjusted EBITDA represent non-GAAP (Generally Accepted Accounting Principles) financial measures. A table reconciling these measures to the appropriate GAAP measures is included in this release.

Inclusive of the recognition of deferred tax assets, net income for the fourth quarter ended December 31, 2009 was $1.7 million, or $0.08 and $0.07 per basic and diluted share, respectively (based on 21.9 and 23.6 million basic and diluted weighted average shares outstanding, respectively), which compares to net income of $330,968, or $0.02 per share (based on 21.0 million basic and diluted weighted average shares outstanding, respectively), for the same period of 2008. The tax benefit represented $0.06 in earnings per share and, excluding the tax benefit, net income would have been $404,481.

Mr. McQuain added, “We continued to strengthen our operating metrics and increased net income for the quarter by 22%, compared to the same period of 2008, excluding the income tax benefit, on a revenue increase of 4.9%. Also key to increasing profitability was the refinancing of our debt which resulted in a 48% reduction in interest expense compared to the fourth quarter last year. As a result of our ongoing efforts to minimize expenses and focus on higher margin opportunities, we have achieved 13 continuous quarters of net income. During the fourth quarter of 2009, we continued to expand our ATM customer base, providing a larger base of predictable revenue as we move into 2010. We believe this positions us to deliver consistent profitability and allows us to move aggressively into the DVD kiosk marketplace, where revenue, gross margin and growth opportunities are substantially higher. As part of this move, we reached an agreement with self-service kiosk industry consultant Michelle Macpherson to help us define and implement our strategy to drive our national DVD kiosk expansion.”

Mr. McQuain continued, “We are firmly focused on leveraging our expertise in the self-service kiosk segment to capture market share in the emerging DVD kiosk marketplace. We have established InstaFlix, a Nationwide Ntertainment Services Inc. business line and a subsidiary of the Company, to solidify our growing presence. To date, we have deployed 24 DVD kiosk locations. We will have another 10 of our InstaFlix-branded DVD kiosk locations installed by mid-March of 2010 and expect to have another 18 kiosks delivered and installed during April and May of 2010. This schedule is consistent with our expectation of rolling out between five and 10 per month through the first half of 2010, and accelerating to 15 to 20 in the second half of the year. Along with this deployment schedule, we will also be opportunistic and aggressive in going after larger deals in the DVD kiosk marketplace should they present themselves. Our growing presence in this marketplace is being applauded and embraced by retailers and other potential partners that are eager to participate in the rapidly expanding self-service, on-demand model, but have been frustrated by current service options. They recognize that our reputation for superior operational excellence, industry leading customer service, and up-time and on-time residual payments will help them generate additional traffic and revenues in their retail locations with a DVD self-service kiosk opportunity.”

Fiscal Year 2009 Financial Results

For the fiscal year ended December 31, 2009, total revenue was $21.5 million, a decrease of 3.0%, compared to $22.2 million for the same period of 2008. Gross profit for the fiscal year ended December 31, 2009 was $10.2 million, reflecting a gross margin of 47.4%, compared to gross profit of $9.8 million, or a gross margin of 44.3%, for the comparable 2008 period. Operating income from continuing operations for the year was $2.7 million, compared to $2.2 million for the same period of 2008. Net income for the fiscal year ended December 31, 2009 was $2.8 million, or $0.13 and $0.12 per basic and diluted share (based on 21.7 and 22.8 million basic and diluted weighted average shares outstanding, respectively), compared to net income for the same period of 2008 of $1.2 million, or $0.06 per share (based on 21.0 million basic and diluted weighted average shares outstanding). Excluding a $1.3 million income tax benefit, net income would have been $1.5 million for the fiscal year. EBITDA decreased to $4.1 million for the fiscal year ended December 31, 2009 from $4.4 million for the fiscal year ended December 31, 2008. Adjusted EBITDA increased to $4.7 million for the fiscal year ended December 31, 2009 from $4.6 million for the fiscal year ended December 31, 2008.

Mr. McQuain continued, “We increased the profitability during 2009 and positioned the Company for further acceleration of net income in 2010. During 2009, the Company generated $4.4 million in net cash by continuing operating activities, an increase of 49.2% compared to 2008. We also generated adjusted EBITDA of $4.7 million and $1.5 million of net income. We completed 2009 with more than $2 million in cash and reduced our working capital requirements for 2010 by refinancing outstanding debt at a lower interest rate, without any pre-payment penalty. As a result, we expect approximately $40,000 in 2010 interest savings due to the lower interest rate of the loan. We have significantly reduced our working capital requirements and improved our resources, positioning the Company for continued revenue growth and expanded profitability in 2010.”

Balance Sheet and Cash Flows

Net cash provided by continuing operating activities during the fiscal year ended December 31, 2009 was $4.4 million, compared to net cash provided by continuing operating activities of $3.0 million during the fiscal year ended December 31, 2008, representing a 49.2% increase. Shareholders’ equity increased 23.0% to $16.6 million from $13.5 million at December 31, 2008.

Michael J. Loiacono, Chief Financial Officer of the Company, stated, “We continued to expand our profitability and significantly increased our cash flow from continuing operations for 2009. As a result of our profitability, we believed the timing was right to recognize deferred tax assets, which is reflected in our fourth quarter and fiscal year results. As we completed our analysis of deferred tax assets in connection with filing of the Company’s Form 10-K for 2009, we realized we met the standards for recognition of these assets in the fourth quarter of 2009. GAAP requires evidence of sufficient future profitability, taxable income, to realize the benefit of the deferred tax asset. We delayed recognition of this tax benefit for as long as was appropriate.”

Outlook:

“Assuming similar transaction levels in 2010 compared to 2009, and based on what we believe to be is a stable base of predictable revenue, we are targeting 5% to 10% organic growth from our ATM business,” Mr. McQuain concluded. “Our DVD kiosk business will provide upside to this guidance, and we expect this new and emerging segment to add 5% to 10% in incremental revenue for calendar 2010. As we continue to carefully manage our expenses and focus on higher volume locations and higher margin opportunities, we anticipate accelerating our profitability in 2010 compared to 2009.”

Conference Call Information

Anyone interested in participating should call 888-215-6899 and enter pass code 7617144 if calling within the United States, or 913-312-0945 and pass code 7617144 if calling internationally, approximately 5 to 10 minutes prior to 10 a.m. today. There will be a playback available until March 11, 2010. To listen to the playback, please call 888-203-1112 if calling within the United States or 719-457-0820 if calling internationally. Please use pass code 7617144 for the replay. A transcription of the call can be accessed at the Company’s website at http://www.GlobalAxcess.biz.

About Global Axcess Corp

Headquartered in Jacksonville, Florida, 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. The Company provides turnkey ATM and other self-service kiosk management solutions that include cash and inventory management, project and account management services. Global Axcess Corp currently owns, manages or operates more than 4,500 ATMs and other self-service kiosks in its national network spanning 43 states. Â For more information on the Company, please visit http://www.globalaxcess.biz.

This press release may contain forward-looking statements. Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as: “believes,” “expects,” “may,” “will,” “should,” or “anticipates,” or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. Various important risks and uncertainties may cause the Company’s actual results to differ materially from the results indicated by these forward-looking statements. For a list and description of the risks and uncertainties the Company faces, please refer to Part I, Item 1A of the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 3, 2009, and other filings that have been filed with the Securities and Exchange Commission. The Company assumes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, and such statements are current only as of the date they are made.

- tables follow -

                          GLOBAL AXCESS CORP AND SUBSIDIARIES
                             CONSOLIDATED BALANCE SHEETS

                                                  As of December 31,
                                               ------------------------
                                                2009              2008
                                               ------            ------
    ASSETS
    Current assets
      Cash and cash equivalents              $2,007,860        $1,560,910
      Automated teller machine vault cash       250,000                 -
      Accounts receivable, net of
       allowance of $12,616 in 2009
       and $9,799 in 2008                       845,000           848,373
      Inventory, net of allowance for
       obsolescence of $94,572 in 2009
       and $54,033 in 2008                      308,031           276,731
      Deferred tax asset - current              868,848           615,332
      Prepaid expenses and other
       current assets                           132,100           164,968
                                                -------           -------
          Total current assets                4,411,839         3,466,314

    Fixed assets, net                         5,299,661         4,723,138

    Other assets
      Merchant contracts, net                10,665,613        11,331,126
      Intangible assets, net                  4,095,911         4,118,426
      Deferred tax asset - non-current          813,618                 -
      Restricted cash                           800,000                 -
      Other assets                               30,307             9,232
                                                -------           -------
    Total assets                            $26,116,949       $23,648,236
                                            ===========       ===========

    LIABILITIES AND STOCKHOLDERS' EQUITY
    Current liabilities
      Accounts payable and accrued
       liabilities                           $2,983,583        $2,527,396
      Automated teller machine
       vault cash payable                       250,000                 -
      Notes payable - related parties
       - current portion, net                    26,722            24,010
      Notes payable - current portion            19,803                 -
      Senior lenders' notes payable
       - current portion, net                 1,828,572           606,705
      Capital lease obligations
       - current portion                        667,233           779,990
                                                -------           -------
          Total current liabilities           5,775,913         3,938,101

    Long-term liabilities
      Notes payable - related parties
       - long-term portion, net                  72,690         1,304,595
      Notes payable - long-term portion          73,120                 -
      Senior lenders' notes payable
       - long-term portion, net               3,300,000         4,240,086
      Capital lease obligations
       - long-term portion                      329,314           425,582
      Deferred tax liability
       - long-term portion                            -           275,532
                                                -------           -------
    Total liabilities                         9,551,037        10,183,896
                                              ---------        ----------

    Stockholders' equity
      Preferred stock; $0.001 par value;
       5,000,000 shares authorized, no
       shares issued and outstanding                  -                 -
      Common stock; $0.001 par value;
        45,000,000 shares authorized,
        21,931,786  and 21,021,786 shares
        issued and 21,883,924 and 20,973,924
        shares outstanding at 12/31/09
        and 12/31/08, respectively               21,932            21,022
      Additional paid-in capital             22,900,880        22,613,424
      Accumulated deficit                    (6,344,934)       (9,158,140)
      Treasury stock; 47,862 shares of
       common stock at cost                     (11,966)          (11,966)
                                                -------           -------
          Total stockholders' equity         16,565,912        13,464,340
                                             ----------        ----------
    Total liabilities and stockholders'
     equity                                 $26,116,949       $23,648,236
                                            ===========       ===========

                          GLOBAL AXCESS CORP AND SUBSIDIARIES
                         CONSOLIDATED STATEMENTS OF OPERATIONS

                                              For the Fiscal Years Ended
                                                    December 31,
                                              --------------------------
                                               2009                2008
                                              ------              ------

    Revenues                                $21,494,867       $22,171,072   

    Cost of revenues                         11,316,919        12,347,991
                                             ----------        ----------
      Gross profit                           10,177,948         9,823,081
                                             ----------        ----------   

    Operating expenses
      Depreciation expense                    1,178,927         1,411,360
      Amortization of intangible
       merchant contracts                       786,173           770,270
      Selling, general and
       administrative                         5,437,624         5,288,959
      Stock compensation expense                120,188           159,840
                                             ----------        ----------
          Total operating expenses            7,522,912         7,630,429
                                             ----------        ----------
      Operating income from
       continuing operations before
       items shown below                      2,655,036         2,192,652
                                             ----------        ----------   

    Interest expense, net                      (645,758)       (1,046,287)
    Gain (loss) on sale or
     disposal of assets                               -            23,872
    Loss on early extinguishment of debt       (474,960)                -
                                             ----------        ----------
    Income from continuing operations
     before income tax benefit                1,534,318         1,170,237
    Income tax benefit                        1,278,888                 -
                                             ----------        ----------
    Income from continuing operations        $2,813,206        $1,170,237
                                             ----------        ----------
    Net Income                               $2,813,206        $1,170,237
                                             ==========        ==========   

    Income per common share - basic:
    Income from continuing operations             $0.13             $0.06
    Income from discontinued operations              $-                $-
                                             ----------        ----------
    Net Income per common share                   $0.13             $0.06
                                             ==========        ==========   

    Income per common share - diluted:
    Income from continuing operations             $0.12             $0.06
    Income from discontinued operations              $-                $-
                                             ----------        ----------
    Net Income per common share                   $0.12             $0.06
                                             ==========        ==========   

    Weighted average common shares
     outstanding:
    Basic                                    21,654,554        20,973,924
    Diluted                                  22,845,241        20,973,924

                       GLOBAL AXCESS CORP AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                    (Unaudited)

                                             For the Three Months Ended
                                            December 31,      December 31,
                                               2009                2008
                                            ------------      ------------

    Revenues                                 $5,396,168        $5,144,607

    Cost of revenues                          2,859,397         2,769,439
                                              ---------         ---------
      Gross profit                            2,536,771         2,375,168
                                              ---------         ---------

    Operating expenses
      Depreciation expense                      315,721           303,042
      Amortization of intangible
       merchant contracts                       195,699           192,768
      Selling, general and administrative     1,443,208         1,300,981
      Stock compensation expense                 34,124             7,276
                                              ---------         ---------
        Total operating expenses              1,988,752         1,804,067
                                              ---------         ---------
      Operating income from
       continuing operations
       before items shown below                 548,019           571,101
                                              ---------         ---------

    Interest expense, net                      (135,969)         (264,006)
    Gain on sale or disposal of assets                -            23,872
    Loss on early extinguishment of debt         (7,569)                -
                                              ---------         ---------
    Income from continuing
     operations before provision for
     income taxes                               404,481           330,967
    Income tax benefit                        1,278,888                 -
                                              ---------         ---------
    Net Income                               $1,683,369          $330,967
                                             ==========         =========

    Income per common share - basic:
                                              ---------         ---------
    Net Income per common share                   $0.08             $0.02
                                              =========         =========

    Income per common share - diluted:
                                              ---------         ---------
    Net Income per common share                   $0.07             $0.02
                                              =========         =========

    Weighted average common shares
     outstanding:
    Basic                                    21,883,924        20,973,924
    Diluted                                  23,606,552        20,973,924

                        GLOBAL AXCESS CORP AND SUBSIDIARIES
                       CONSOLIDATED STATEMENTS OF CASH FLOWS

                                              For the Fiscal Years Ended
                                                     December 31,
                                              --------------------------
                                               2009                2008
                                              ------              ------  

    Cash flows from operating activities:
      Income from continuing operations      $2,813,206        $1,170,237
      Adjustments to reconcile net income
       from continuing operations to net
       cash provided by continuing
       operating activities:
        Stock based compensation                120,188           159,840
        Stock options issued to
         consultants in lieu of cash
         compensation                            23,999                 -
        Loss on early extinguishment
         of debt                                474,960                 -
        Depreciation expense                  1,178,927         1,411,360
        Amortization of intangible
         merchant contracts                     786,173           770,270
        Amortization of capitalized
         loan fees                               26,756            46,431
        Allowance for doubtful accounts           2,883          (14,201)
        Allowance for inventory obsolescence     40,539            54,033
        Non-cash interest expense (income)
         on swap agreement with senior lender   (7,921)            40,985
        Accretion of discount on notes payable   50,066           165,988
        (Gain) loss on sale or disposal
          of assets                                   -           (23,872)
      Changes in operating assets and
       liabilities:
        Change in automated teller
         machine vault cash                    (250,000)                -
        Change in accounts receivable               490            90,457
        Change in inventory                    (112,270)              116
        Change in prepaid expenses and
         other current assets                    26,468           (23,620)
        Change in other assets                  (21,075)            5,907
        Change in intangible assets, net        (80,734)              634
        Change in deferred taxes             (1,342,666)                -
        Change in accounts payable and
         accrued liabilities                    464,108          (875,224)
        Change in automated teller
         machine vault cash payable             250,000                 -
                                              ---------         ---------
      Net cash provided by continuing
       operating activities                   4,444,097         2,979,341
                                              ---------         ---------   

    Cash flows from investing activities:
      Insurance proceeds on disposal of
       fixed assets                                   -            72,681
      Costs of acquiring merchant
       contracts                               (120,660)          (43,758)
      Purchase of property and equipment     (1,051,494)         (290,304)
                                              ---------         ---------
          Net cash used in investing
           activities                        (1,172,154)         (261,381)
                                              ---------         ---------   

    Cash flows from financing activities:
      Proceeds from issuance of common
       stock                                      9,100                 -
      Proceeds from senior lenders'
       notes payable                          6,200,000            39,028
      Proceeds from notes payable                69,905                 -
      Change in restricted cash                (800,000)                -
      Principal payments on senior
       lenders'  notes payable               (6,171,429)         (704,177)
      Principal payments on notes
       payable                                  (11,833)          (25,000)
      Principal payments on notes
       payable - related parties             (1,248,186)          (20,695)
      Principal payments on capital
       lease obligations                       (872,550)         (986,367)
                                              ---------         ---------
          Net cash used in financing
           activities                        (2,824,993)       (1,697,211)
                                              ---------         ---------
    Increase in cash                            446,950         1,020,749
    Cash, beginning of period                 1,560,910           540,161
                                              ---------         ---------
    Cash, end of the period                  $2,007,860        $1,560,910
                                             ==========        ==========   

    Cash paid for interest                     $555,969          $786,697

The following table sets forth a reconciliation of net income from continuing operations to EBITDA from continuing operations for the fourth quarter ended December 31, 2009 and 2008:

                                               For the Three Months Ended
                                             December 31,      December 31,
                                                2009               2008
                                             ------------      -----------

    Net income from continuing operations    $1,683,369          $330,967
    Income tax benefit                       (1,278,888)                -
    Interest expense, net                       135,969           264,006
    Depreciation expense                        315,721           303,042
    Amortization of intangible merchant
     contracts                                  195,699           192,768
                                                -------           -------
    EBITDA from continuing operations        $1,051,870        $1,090,783
                                             ==========        ==========

The following table sets forth a reconciliation of net income from continuing operations to EBITDA from continuing operations for the fiscal year ended December 31, 2009 and 2008:

                                              For the Twelve Months Ended
                                             December 31,      December 31,
                                                2009               2008
                                             ------------      -----------

    Net income from continuing operations    $2,813,206        $1,170,237
    Income tax benefit                       (1,278,888)                -
    Interest expense, net                       645,758         1,046,287
    Depreciation expense                      1,178,927         1,411,360
    Amortization of intangible merchant
     contracts                                  786,173           770,270
                                                -------           -------
    EBITDA from continuing operations        $4,145,176        $4,398,154
                                             ==========        ==========

The following table sets forth a reconciliation of net income from continuing operations to EBITDA from continuing operations before stock compensation expense and loss on early extinguishment of debt (“Adjusted EBITDA”) for the fourth quarter ended December 31, 2009 and 2008:

                                               For the Three Months Ended
                                             December 31,      December 31,
                                                2009               2008
                                             ------------      -----------

    Net income from continuing operations    $1,683,369          $330,967
    Income tax benefit                       (1,278,888)                -
    Interest expense, net                       135,969           264,006
    Depreciation expense                        315,721           303,042
    Amortization of intangible merchant
     contracts                                  195,699           192,768
    Stock compensation expense                   34,124             7,276
    Loss on early extinguishment of debt          7,569                 -
                                                -------           -------
    Adjusted EBITDA                          $1,093,563        $1,098,059
                                             ==========        ==========

The following table sets forth a reconciliation of net income from continuing operations to EBITDA from continuing operations before stock compensation expense and loss on early extinguishment of debt (“Adjusted EBITDA”) for the fiscal year ended December 31, 2009 and 2008:

                                              For the Twelve Months Ended
                                             December 31,      December 31,
                                                2009               2008
                                             ------------      -----------

    Net income from continuing operations    $2,813,206        $1,170,237
    Income tax benefit                       (1,278,888)                -
    Interest expense, net                       645,758         1,046,287
    Depreciation expense                      1,178,927         1,411,360
    Amortization of intangible merchant
     contracts                                  786,173           770,270
    Stock compensation expense                  120,188           159,840
    Loss on early extinguishment of debt        474,960                 -
                                                -------           -------
    Adjusted EBITDA                          $4,740,324        $4,557,994
                                             ==========        ==========

SOURCE Global Axcess Corp

Contact

Sharon Jackson of Global Axcess Corp, +1-904-395-1149, IR@GAXC.biz; or Brett Maas, Brett@haydenir.com, or Jeff Stanlis, Jeff@haydenir.com, both of Hayden IR, +1-646-536-7331, for Global Axcess Corp