News

Tidel creditor's complaint dismissed

March 4, 2003

HOUSTON -- Tidel Technologies, Inc. (Nasdaq: ATMSE) says that an order has been entered by the Supreme Court of the State of New York to dismiss the action previously commenced by Montrose Investments Ltd. on Aug. 9, regarding the nonpayment of Tidel's $15 million principal amount, 6 percent Convertible Debenture due Sept. 8, 2004.

According to a news release, Tidel had filed a motion with the court to dismiss the Montrose complaint for legal insufficiency.

"With this matter concluded, management can better focus its energies on the turnaround effort presently underway," said James T. Rash, Tidel's chairman and chief executive in the release.

Tidel is currently awaiting a decision from Nasdaq regarding its possible delisting. The manufacturer has yet to release its fourth quarter and full year financial results from 2002. (See related story Tidel is in danger of delisting)