Exhibit 99.1
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CONTACT: Leonard Carr
Sr. Vice President
713-783-8200
lcarr@tidelmail.com
FOR IMMEDIATE RELEASE
TIDEL REPORTS UPDATE ON FINANCING MATTERS
HOUSTON, Texas -- June 6, 2001 -- Tidel Technologies, Inc. (Nasdaq: ATMS) today
announced that an agreement had been reached with Montrose Investments Ltd., the
holder of $15 million principal amount of Tidel's 6% Convertible Debentures, to
extend the first "put date" from June 5, 2001 until June 26, 2001. The parties
agreed to the extension to allow time for continued discussions regarding
potential modifications of the terms of the Debentures. The amended date
coincides with the first "put date" for the remaining $3 million of Debentures
held by the Acorn Investment Trust.
Tidel also announced that it had reached an agreement with its senior debt
holder, the Chase Manhattan Bank, to amend the terms of its $10 million
Revolving Credit Agreement. The amendment provides for a temporary adjustment to
the components of the borrowing base to permit additional credit availability of
$1 million through August 31, 2001.
In addition, Tidel reported that yesterday it received a $1.65 million
prepayment in full from a customer on two notes receivable originally due in
March and May 2002. The notes had been issued pursuant to the Company's
distributor financing program.
Tidel Technologies, Inc. is one of the nation's leading manufacturers of
automated teller machines and cash security equipment designed for specialty
retail marketers. In 2000, Tidel was the leading provider of ATMs to non-bank
locations in the U.S., and ranked 55th in Forbes' list of the 200 Best Small
Companies in America. To date, Tidel has sold more than 30,000 retail ATMs and
115,000 retail cash controllers in the U.S. and 36 other countries. More
information about the company and its products may be found on the Internet at
www.tidel.com.
"SAFE HARBOR" DISCLAIMER UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995: THIS PRESS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS, INCLUDING
STATEMENTS AS TO ANTICIPATED OR EXPECTED RESULTS, BELIEFS, OPINIONS, AND FUTURE
FINANCIAL PERFORMANCE. THE FORWARD-LOOKING STATEMENTS ARE BASED ON CURRENT
EXPECTATIONS AND ASSUMPTIONS AND INVOLVE RISKS AND UNCERTAINTIES THAT MAY CAUSE
THE COMPANY'S ACTUAL EXPERIENCE TO DIFFER MATERIALLY FROM THAT ANTICIPATED.
ESTIMATES ARE BASED ON RELIABLE INFORMATION AND PAST EXPERIENCE. HOWEVER,
OPERATING RESULTS ARE AFFECTED BY A WIDE VARIETY OF FACTORS, MANY OF WHICH ARE
BEYOND THE CONTROL OF THE COMPANY. FACTORS INCLUDE, BUT ARE NOT LIMITED TO, THE
LEVELS OF ORDERS WHICH ARE RECEIVED AND CAN BE SHIPPED IN A QUARTER; CUSTOMER
ORDER PATTERNS AND SEASONALITY; COSTS OF LABOR, RAW MATERIALS, SUPPLIES AND
EQUIPMENT; TECHNOLOGICAL CHANGES; COMPETITION AND COMPETITIVE PRESSURES ON
PRICING; AND ECONOMIC CONDITIONS IN THE UNITED STATES AND WORLDWIDE.
ADDITIONALLY, FACTORS AND RISKS AFFECTING OPERATING RESULTS INCLUDE THOSE
DESCRIBED IN THE COMPANY'S REGISTRATION STATEMENTS AND PERIODIC REPORTS FILED
WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION.
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