Tidel Technologies, Inc. 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.Details