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CASHWORKS PILOTS LOW-COST CHECK-CASHING SOLUTION USING
STANDARD ATMS
DALLAS, Texas (January 29, 2002) - CashWorks, a
provider of technology solutions for the non-bank financial services
industry, today announced the launch of its PayPort™ check
cashing solution. Initial pilot locations will be two Town and Country
convenience stores in San Angelo, Texas. Both stores are using ATMs
manufactured by Tidel Technologies, Inc. (Nasdaq: ATMS) and supplied
by Sourcetronics, an independent ATM systems integrator.
CashWorks' PayPort™ is the first check cashing solution to
employ a clerk-assisted POS terminal as a transaction authorization
device linked to a conventional ATM for the disbursement of funds.
By leveraging the 155,000 ATMs already deployed in retail locations
across the nation, the CashWorks solution eliminates the need for
expensive, special-purpose machines or brick-and-mortar check cashing
stores. CashWorks has patents pending on both the apparatus and
transaction processing methods.
"The CashWorks solution solves the problems associated with
traditional approaches to check cashing," says Ken Rees, president
of CashWorks. "The incremental cost is so minimal that almost
any retailer with an ATM can profitably provide check cashing to
its customers, generating fee revenue as well as additional store
sales."
The solution is extremely fast, with most checks approved in under
a minute. This eliminates the queuing problems associated with other
check cashing solutions. No cards are required, so customers can
begin using CashWorks as soon as they are enrolled. Also, CashWorks
guarantees the checks, protecting retailers from fraud risk.
"We find that check cashing brings customers into our stores
and provides fee revenue, but have been unhappy with the large footprint
and risks associated with other solutions," says Devin Bates,
CIO of Town and Country. "The CashWorks solution is small,
fast and doesn't require additional cash inventories in the store."
"CashWorks technology is innovative and adds product functionality
to our existing ATMs without expensive hardware upgrades,"
says Wayne Moran, CEO of Sourcetronics. "This should have a
tremendous impact on our ATM profitability."
The CashWorks management team includes several pioneers of automated
check cashing. Mr. Rees previously served as chief operating officer
and executive vice president of business development for InnoVentry
Corp. Jointly owned by Wells Fargo Bank, Capital One Financial Corp.
and Diebold, Inc., InnoVentry deployed some 1,500 advanced-function
check cashing machines under the RPM brand.
Chairman Michael C. Stinson was a co-founder of Mr. Payroll Corporation,
an InnoVentry precursor that developed the world's first self-service
check-cashing machine. Mr. Stinson is a co-holder of three U.S.
patents and a U.K. patent related to automated check cashing.
The other members of the management team all have extensive experience
in either automated check cashing or ATMs.
About CashWorks
Formed in July 2001, CashWorks is a provider of technology solutions
for the non-bank financial services industry. It is headquartered
in Dallas, Texas.
CORPORATE CONTACT:
Ken Rees
CashWorks
(972) 448-3408
krees@cashworksinc.com
About Town and Country
San Angelo, Texas-based Town and Country currently operates more
than 130 convenience stores in West Texas and Eastern New Mexico,
and seven T&C Village supermarkets in various West Texas towns.
For more information about Town and Country, consult the company's
Web site at www.tcfs.com.
About Tidel
Tidel Technologies, Inc. is one of the nation's leading manufacturers
of automated teller machines and cash security equipment designed
especially for the retail marketer. To date, Tidel has sold more
than 30,000 ATMs and 115,000 retail cash controllers in the U.S.
and 36 other countries, worldwide. More information about the company
and its products may be found on the Internet at www.tidel.com.
TIDEL INVESTS IN LOW-COST AUTOMATED CHECK-CASHING INNOVATOR
DALLAS, Texas (January 22, 2002) - Tidel Technologies,
Inc. ("Tidel"), a leading U.S. ATM manufacturer, announced
today a $500,000 investment in CashWorks, a provider of technology
solutions for the $30 billion annual non-bank financial services
industry.
CashWorks has developed a product called the PayPort™, a
system that allows retailers with a Tidel ATM to provide check cashing
and other non-bank financial services. This is the first product
of its kind to employ a clerk-assisted POS terminal as a transaction
authorization device, linked to a conventional ATM for the disbursement
of funds. By leveraging the 155,000 ATMs already deployed in retail
locations across the nation, the CashWorks solution eliminates the
need for expensive, special-purpose machines or brick-and-mortar
check cashing stores. CashWorks has patents pending on both the
apparatus and transaction processing methods.
"ATMs have become a commodity product in the market, especially
in the off-premise segment. We believe that CashWorks' unique technology
provides our customers with a new products and service to improve
the profitability of both their new and existing ATM networks without
expensive hardware upgrades," says Mark Levenick, President
of Tidel. "We also anticipate that the PayPort™ will
help generate new ATM locations for Tidel customers that wouldn't
otherwise be profitable with standard ATM transactions alone."
"We are excited to partner with Tidel. They pioneered the
development of the first dial-up ATM and their market share provides
excellent penetration into the off-premise market," says Ken
Rees, President of CashWorks. "They provide both the technical
expertise and sales support that will help us quickly expand our
network of locations."
About CashWorks
Formed in July 2001, CashWorks is a provider of technology solutions
for the non-bank financial services industry. It is headquartered
in Dallas, Texas.
CORPORATE CONTACT:
Ken Rees
CashWorks
(972) 448-3408
krees@cashworksinc.com
About Tidel
Tidel Technologies, Inc. is one of the nation's leading manufacturers
of automated teller machines and cash security equipment designed
especially for the retail marketer. To date, Tidel has sold more
than 30,000 ATMs and 115,000 retail cash controllers in the U.S.
and 36 other countries, worldwide. More information about the company
and its products may be found on the Internet at www.tidel.com.
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