Tidel Technologies, Inc. announced Monday that it has finalized a contract to sell Chameleon Internet Transaction Machines to Los Angeles-based Cash Technologies, Inc.. 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.
According to Bruce Korman, Cash Tech’s Chairman and CEO, “We have selected the Chameleon as the initial hardware platform for our multifunction ATM-X(TM)automated teller machine. The Chameleon’s state-of-the-art Windows Open Systems Architecture (“WOSA”) operating system and multimedia capabilities makes it an ideal hardware solution for our ATM-X client software. ATM-X will offer sophisticated 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.
Mark Levenick, COO of Tidel, added, “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. 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 is an interactive multimedia kiosk that combines traditional banking functionality with support for the limitless e-commerce options of the Internet. The new product begins limited shipments next week.
About Cash Technologies
Cash Technologies, Inc. develops and markets innovative e-commerce kiosks and systems. The company also provides computerized cash processing services to institutions and cash-intensive businesses and can be found at .
Tidel Technologies, Inc. is a Texas-based manufacturer of automated teller machines and cash security equipment designed for specialty retail marketers. Tidel pioneered the dial-up ATM in 1992, and is the fastest growing major U.S. manufacturer of ATMs.
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