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Cashbox PLC secures funding from MBC Investments Ltd and reschedules Bank of Scotland facility

Cashbox, the UK ATM provider, today announces that it has secured £1 million in funding from MBC Investments Ltd. The funding is to be provided in two tranches. The first tranche is a convertible unsecured loan, available immediately, for the sum of £583,788. The second is a non-convertible unsecured loan of £416,212 which is available for draw down from 31 March 2008.

Both tranches of the loan mature on 31 March 2009. The convertible tranche, if it is not repaid prior to 31 March 2008, is convertible on or after that date into ordinary shares in Cashbox at a conversion rate of 5p per ordinary share. As a result of this, 11,675,760 new ordinary shares have been reserved for issue.

The new loans have been arranged in conjunction with a rescheduling of the Company's Bank of Scotland facility, whereby the existing £8m facility is to be reduced to £6m and the drawdown period is to be extended from March 2008 to December 2008. The debt repayment originally agreed to start March 2008 has been rescheduled to commence December 2009.

The CEO of Cashbox, Ciaran Morton commented, "Our path to profitability is governed by the speed at which we can attain critical mass and this additional funding will enable us to continue to install ATMs at an accelerated rate".

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