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Cash Systems amends notes agreement22 August 2007AS VEGAS, Nevada -- (PRESS RELEASE) -- Cash Systems, Inc. (NASDAQ: CKNN), a provider of cash access solutions for the gaming industry, today announced it reached an agreement with its notes holders to amend the notes (the "Notes") and related agreements, including the warrants that were issued concurrently with the Notes. The amendments to the Notes include lower EBITDA covenants and an increase in the interest rate from 6.5% to 7.5% and an increase in the face amount of the Notes from $20 million to $22 million. The Notes were also amended to provide that under certain conditions on October 10, 2008, the Company has the ability to redeem up to $8 million of the Notes at 130% of face value. On that same date, the note holders have the right to put $8 million of the Notes to the company at par. Other key amendments include an increase in the number of shares of the Company's common stock issuable upon exercise of the warrants from 312,500 to 487,500. The exercise price of the warrants has been decreased from $8.00 to $7.38. Additional details regarding the amendments can be found in the Company's 8-K filing with the SEC. |