News

Tidel to sell Chameleon machines to Cash Tech

March 4, 2002

HOUSTON -- Tidel Technologies has finalized a contract to sell Chameleon Internet Transaction Machines (ITMs) to Los Angeles-based Cash Technologies. The initial term of the contract is two years with provisions for successive one-year renewals. The contract provides for specific pricing, with a schedule of quantities to be developed by the two companies.

Bruce Korman, Cash Tech's chairman and CEO, said Tidel's Chameleon will serve as the initial hardware platform for his company's multifunction ATM-X. The Chameleon's Windows Open Systems Architecture (WOSA) operating system and multimedia capabilities will make it possible for ATM-X to offer services such as real-time activated prepaid phone cards, electronic bill payment, check cashing and event ticketing.

Korman indicated that Cash Tech could deploy as many as 2,000 units during the initial contract period.

"We are very excited to partner with Cash Tech and believe they are positioning themselves to become a leader in the development of self-service e-commerce applications, said Mark Levenick, COO of Tidel. "With the selection of Tidel's Chameleon to function as the heart of their new system, ATM-X will break new ground in ATM functionality. Looking ahead, we intend to grow our relationship with Cash Technologies to provide future joint e-commerce solutions."

Tidel's Chameleon ITM, an interactive multimedia kiosk that combines traditional bank functions with support for the Internet, begins limited shipments next week.