Exhibit 99.1
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CONTACT: Leonard Carr
Vice President
713-783-8200
lcarr@tidelmail.com
FOR IMMEDIATE RELEASE
TIDEL RECEIVES NOTICE OF DELISTING
HOUSTON, Texas -- January 28, 2003 -- Tidel Technologies, Inc. (Nasdaq: ATMS)
announced today that it had received a Nasdaq Staff Determination on January 21,
2003, indicating that, as a result of its Form 10-K filing deficiency, the
Company fails to comply with the requirements for continued listing set forth in
Marketplace Rule 4310(c)(14), and that its securities are, therefore, subject to
delisting from the Nasdaq SmallCap Market. The Company has requested a hearing
before a Nasdaq Listing Qualifications Panel to review the Staff Determination.
There can be no assurance the Panel will grant the Company's request for
continued listing.
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 company's web site 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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