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| GCA > SEC Filings for GCA > Form 8-K on 10-Mar-2008 | All Recent SEC Filings |
10-Mar-2008
Costs Associated with Exit or Disposal Activities, Financial St
Global Cash Access, Inc., a Delaware corporation and wholly-owned subsidiary of Global Cash Access Holdings, Inc. (the "Company"), announced on February 28, 2007 that it will discontinue offering the Arriva Card, a consumer credit card offered by the Company's wholly-owned subsidiary, Arriva Card, Inc. ("Arriva"). This announcement follows the decision of the Board of Directors of the Company on February 7, 2008 to wind down the Arriva business. The decision to discontinue offering the Arriva Card results from the Company's strategy of focusing on its core electronic payments business, the Company's desire to avoid suffering credit losses in connection with offering the Arriva Card, and the Company's desire to avoid incurring significant future costs inherent in offering the Arriva Card.
The Company is currently formulating a plan for exiting the Arriva Card business and is considering a range of strategic options for the disposition of Arriva's portfolio of receivables and cardholder accounts. Until the Board of Directors adopts a specific exit plan and plan of disposition, the Company cannot predict the timing of, or costs associated with, such exit and disposition.
On February 28, 2008, GCA issued a press release announcing the discontinuation of the Arriva Card. A copy of the press release is attached hereto as Exhibit 99.1.
(c) Exhibits
Exhibit No. Document
99.1 Press Release announcing the discontinuation of the Arriva Card
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