CHERRY HILL, N.J., Sept. 7 /PRNewswire-FirstCall/ -- Access to Money, Inc. (OTC Bulletin Board: AEMI), one of the largest providers and non-bank operators of ATMs in the United States, announced that it has obtained $5.5 million in new financing with Sovereign/Santander.

The proceeds of the loan together with $2.0 million of cash on hand were used to repay $7.5 million principal amount of its existing $11.0 million 13% interest rate note payable to its current lenders, LC Capital Master Fund, Ltd. and Cadence Special Holdings II, LLC. The $3.5 million balance due on the note and the Company's $9.8 million note payable to Douglas Falcone were restructured. In exchange for restructuring the note and terminating outstanding warrants to purchase 15.0 million shares of common stock, the Company issued 10,636,364 shares of common stock to its current lenders.

The terms of the senior secured loan with Sovereign/Santander provide for an interest rate of 6.81% and monthly payments of principal and interest amortizing over five years. The terms of the $3.5 million outstanding balance were restructured to be junior to Sovereign/Santander, mature in 61 months, and provide for an initial interest rate of 7.00% in cash, or 10.00% PIK (payment in kind) at the Company's option, subject to annual increase. The amended note with Douglas Falcone was restructured to be coterminous with the restructured note, subordinated to both Sovereign/Santander and the current lenders, and provide for an initial interest rate of 7.00% in cash, or 10.00% PIK at the Company's option, subject to annual increase.

Richard Stern, President and CEO of Access to Money said, "Restructuring this loan has been a high priority for our company, and is one of our most significant accomplishments this year. We are pleased to have the support of Sovereign/Santander, and its vote of confidence in our business plan. This new financing and restructuring of our existing debt will significantly reduce our cost of debt and the reduction in interest will allow us to use our cash on hand to reduce our overall debt balance; both of which will lead to increased cash flow. We now have the ability to not only concentrate on growing our core business, but also to institute operational enhancements and exploit new growth opportunities. Moreover, by eliminating a substantial number of outstanding warrants, we have further improved our balance sheet which should afford investors greater clarity when evaluating Access to Money."

"Our team at Sovereign/Santander is pleased to partner with Access to Money as it restructures its debt. We are impressed with its management team, its core business and vision for growth," said David T. Swoyer, Regional Executive-Corporate Banking at Sovereign/Santander.

As a result of this new loan and refinancing agreements, Access to Money expects to reduce its debt costs by $500,000 per year.

Access to Money will file a Form 8-K with the Securities and Exchange Commission which will include further details about this transaction.

About Access to Money, Inc.

Access to Money, Inc. is one of the largest providers and non-bank operators of ATMs in the United States. With approximately 12,000 terminals under contract, its customers range from national specialty stores, retailers and credit unions to individual convenience stores, and are located throughout all 50 states. Access to Money also provides student loan outsourcing services to university credit unions throughout the United States.

FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts included herein, including without limitation, statements regarding our future financial position, business strategy, budgets, projected sales, projected costs and plans and objective of management for future operations, are forward-looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expects," "intends," "plans," "projects," "estimates," "anticipates," or "believes" or the negative thereof or any variation there on or similar terminology or expressions. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from results proposed in such statements. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to: a decline in ATM transaction volume or fees, changes in technology standards, regulatory changes, increases in interest rates, the inability to obtain cash for our ATMs, reduction in the number of transacting ATMs, market acceptance of our student loan processing services, demand for student loans, availability of credit, changes in regulations regarding student loans and financial institutions, and statements of assumption underlying any of the foregoing, as well as other factors set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2009 filed with the Securities and Exchange Commission and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date of this press release. All written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the foregoing. We assume no duty to update or revise our forward-looking statements based on changes in internal estimates, expectations, or otherwise or to reflect events or circumstances after the date hereof.

SOURCE Access to Money, Inc.