Exhibit 99.1
CONTACT: Leonard Carr
Vice President
713-783-8200
lcarr@tidelmail.com
FOR IMMEDIATE RELEASE
TIDEL ANNOUNCES DELISTING OF ITS COMMON STOCK
HOUSTON, Texas -- March 25, 2003 -- Tidel Technologies, Inc. (Nasdaq: ATMS)
announced today that it has been notified by the Nasdaq Listing Qualifications
Panel of its decision to delist the Company's common stock from the Nasdaq
SmallCap Market effective with the open of business on March 26, 2003. Based on
current market maker activity and other current information, the Company
believes it will continue to have a market for its stock, which would trade on
the National Quotation Bureau's Pink Sheets, and will seek to arrange for one or
more market makers to quote its common stock on the Pink Sheets quotation
service.
In its letter to the Company, received after the close of trading yesterday, the
Nasdaq Listings Qualifications Panel cited several factors in its determination
to delist the Company's securities, including the Company's failure to file its
Annual Report on Form 10-K for the fiscal year ended September 30, 2002 and its
Quarterly Report on Form 10-Q for the quarter ended December 31, 2002,
quantitative listing requirements violations and public interest concerns.
The Company currently expects to bring its Securities and Exchange Commission
filings current as soon as possible. After bringing its filings current, the
Company intends to seek to have one or more market makers quote its common stock
on Nasdaq's OTC Bulletin Board. The Pink Sheets Quotation Service does not
require that issuers of quoted securities be current in their periodic filings.
Despite these intentions, the Company is not able to provide assurance with
respect to when or if its Securities and Exchange Commission filings will be
brought current or quotations will be available for its common stock.
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; THE DELISTING FROM THE NASDAQ
SMALLCAP MARKET EFFECTIVE MARCH 26, 2003 AND THE FUTURE TRADING MARKET FOR THE
COMPANY'S SECURITIES; 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.
# # #
