EXHIBIT 99.1
TIDEL / PELTIER AGREEMENT
Date: February 23, 2005
Tidel Technologies, Inc. (Tidel) and Dale Peltier (Peltier) have entered into an
agreement whereby Peltier will provide his services to Tidel, and Tidel will pay
for such services as further defined below. Tidel is in need of and is offering
to Peltier the position of Chief Financial Officer, during the term of this
agreement. Peltier, by entering into this agreement, is presenting himself as
qualified to perform the services of Chief Financial Officer of a public company
and has performed all services required of a public company pertaining to the
reporting requirements of the Securities and Exchange Commission.
Peltier will:
1) Provide services as Chief Financial Officer on a "contract
employee" basis as further specified below.
2) Review, update and record entries necessary to properly account
for each of he year/quarter for which SEC filings are to be
made.
3) Prepare Corporate entries for Tidel Technologies, Inc. books
for each of the periods defined below.
4) Prepare The Corporate financial statements and Consolidations
for Tidel and its subsidiaries.
5) Take responsibility for overseeing the auditing, drafting and
filing of the following reports to the SEC.
a. For the year ended September 30, 2003, quarterly 10Q's for
each of the quarters and the 10k for the year ending
9/30/03.
b. For the year ended September 30, 2004, quarterly 10Q's for
each of the quarters and the 10k for the year ending
9/30/04.
c. For the quarters ending 12/31/04, 3/31/05 and additional
quarters, which may have reached the required time for
filing, file all appropriate 10Q's for each quarter.
Term of the agreement:
Peltier agrees to provide full-time services to Tidel during the term of this
agreement.
The agreement will be for not less than 6 months, and may be continued by the
mutual consent of both parties on a month-to-month basis beyond the initial
6-month period.
Payment:
Tidel will pay Peltier the rate of $12,000.00 per month. Payment will be
rendered on the 1st and 15th of each month. In addition, Peltier will be
reimbursed for out-of-pocket costs submitted in the normal course of business.
Upon the completion of the 6th month, if all SEC filings are current through the
latest quarterly 10Q due, Peltier will be paid a bonus of $28,000.00.
Month to month extensions beyond the initial 6 month term will be at the rate of
$15,000.00 per month, paid in equal payments on the 1st and 15th of each month.
