Tidel still negotiating with creditors

Tidel still negotiating with creditors
Tags: Manufacturers, Public Companies, easypointATM
August 26, 2001

HOUSTON -- Tidel Technologies, Inc. (Nasdaq:ATMS) did not make the payment in the amount of $18 million principal, plus accrued interest, which was due Aug. 28 pursuant to its 6 percent Subordinated Convertible Debentures.

In a news release issued by the company, Tidel reported that negotiations are continuing with the holders of the Debentures, Montrose Investments Ltd. and Liberty Acorn Trust, with respect to such payment.

Tidel reported a net loss of $16.4 million in the third quarter of 2001, after writing off $18 million for losses on receivables due to nonpayment by Credit Card Center, the now bankrupt ISO that was once Tidel's biggest customer.