Exhibit 99.1
CONTACT: Leonard Carr
Vice President
713-783-8200
lcarr@tidelmail.com
FOR IMMEDIATE RELEASE
TIDEL TO UNVEIL SENTINEL(TM)PRODUCT AT NACS SHOW 2002
HOUSTON, Texas -- October 3, 2002 -- Tidel Technologies, Inc. (Nasdaq: ATMS)
today announced that it would conduct the first public demonstrations of its
newest product, the Sentinel, at the NACS Show 2002 beginning this weekend in
Orlando, Florida. The Sentinel, which was developed pursuant to a contract with
a nationwide petroleum retailer and convenience store operator, is an
"intelligent" cash controller device designed especially for multi-location
retailers, and represents the latest innovation in retail cash management
technology. Tidel expects to complete field-testing and commence shipments of
this product later this quarter.
Michael F. Hudson, Executive Vice President of Tidel, said, "We believe that the
Sentinel product will become the new industry standard for cash controllers, and
a major product for our company. We believe that it is unique in the
marketplace, and that its ultimate market potential is tremendous. In addition
to the business anticipated with the nationwide petroleum retailer, who also
participated in the development of the Sentinel, Tidel is currently in
discussions with other large retailers, as well as the owners of the installed
base for the approximately 150,000 retail cash controllers that we have sold in
36 countries."
By fully integrating a state-of-the-art cash controller device with a retailer's
point-of-sale system (POS) and Local Area Network, the Sentinel provides
retailers with real-time cash accountability and reduces or eliminates cash
losses arising from theft and internal shrinkage. The new product also offers
the latest bill handling and anti-counterfeit technology, multilevel password
protection, and an interface into the POS system to support such functions as
lottery and check-cashing payouts. The unit may be expanded to add additional
devices in the future and can operate in conjunction with armored carrier cash
pick-up or as a stand-alone cash management device.
For a demonstration of this product and all of Tidel's latest technologies,
visit the company at booth #1122 at the NACS Show 2002 in Orlando, Florida from
October 6 - 8, 2002.
- -more-
Tidel Technologies, Inc. is a manufacturer of automated teller machines and cash
security equipment designed for specialty retail marketers. To date, Tidel has
sold more than 40,000 retail ATMs and 150,000 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
Company's non-compliance with certain provisions of its Revolving Credit
Facility and Convertible Debentures; the Company's financial position and
working capital availability; 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; changes in the company's relationships with
customers or suppliers; acceptance of the Company's product and technology
introductions in the marketplace; unanticipated litigation, claims or
assessments; the Company's ability to reduce costs and expenses and improve
internal operating efficiencies; the economic condition of the ATM industry and
the possibility that it is a mature industry; possible delisting from the Nasdaq
SmallCap Market; 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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