Global Cash Access Holdings, Inc. (NYSE: GCA) has completed the internal investigation previously announced on November 14, 2007. GCA is currently working to file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2007 as soon as possible.
The internal investigation, conducted by GCA’s Audit Committee with independent legal counsel from Skadden, Arps, Slate, Meagher & Flom LLP and independent accounting assistance from KPMG, was undertaken in response to several allegations made by an individual whose identity has not been disclosed to GCA.
“We’re delighted that the Audit Committee has completed its internal investigation and we are looking forward to filing our 10-Q for the third quarter as soon as possible. Most importantly, we’re happy to report that the internal investigation uncovered no evidence of fraud or intentional misconduct to substantiate any of the allegations,” said GCA CEO Scott Betts.
With respect to the matters disclosed in GCA’s public statements on December 7, 2007, the internal investigation did not uncover any further issues relating to GCA’s interpretation of contract clauses relating to the calculation of commissions. GCA has reaffirmed its estimate of the cost to resolve any issues arising from its interpretation for the small group of impacted customers to be $3.3 million for the entire three-year period under review.
“We very much look forward to getting past the effects that this internal investigation has had on the company, its stockholders and employees, and resuming business as usual,” said Mr. Betts.
About Global Cash Access Holdings, Inc.
Las Vegas-based Global Cash Access Holdings, Inc. is a holding company whose principal asset is the stock of Global Cash Access, Inc., a leading provider of cash access systems and related marketing services to the gaming industry. For more information, please visit the Company’s Web site at www.globalcashaccess.com.