Tidel is in danger of delisting

HOUSTON -- Tidel Technologies Inc. says it has received an additional delisting notice for failing to meet Nasdaq's minimum stockholders' equity requirement.

According to a news release, the company had previously received a staff determination for failing to comply with the minimum bid price and periodic reporting rules.

Tidel said it is awaiting Nasdaq's decision after a hearing held on Feb. 20.

The manufacturer has yet to release its fourth quarter and full year financial results for 2002.

Tidel in January renewed its senior revolving credit line with J.P. Morgan Chase & Co. until the end of June. Over the past year, the company has reduced staff and cut costs in its service and engineering departments.

According to its most recent financial statements, the manufacturer's parent, Tidel Engineering, is working on obtaining capital for restructuring its convertible debentures and revolving credit facility.

Tidel will reportedly introduce two new ATM models in March, including a machine with a proprietary cash dispenser.

Shares of Tidel closed on Feb. 21 at 20 cents a share, down 3 cents, or 13.04 percent, on Nasdaq volume of 18,600 shares. Average daily volume is 33,700 shares. Over the past 52 weeks, the company's stock price has ranged from 13 cents to 75 cents.