ATM Giant Raises New Capital
PORTLAND, Ore. - (05/22/06) Ailing TRM Corp. announcedFriday it has raised $4.9 million with the sale of its Britishcopier business. TRM, which operates more than 18,000 ATMs aroundthe countryincluding some 6,500 that are co-branded by theCO-OP Network, has been trimming down its worlds largestfleet of 22,500 copiers as it tranforms itself into an independentoperator of ATMs. Expenses related to the companys 2005acquisition of 14,000 ATMs from eFunds Corp. has caused somefinancial troubles, pushing it into the red to the tune of $13.7million in the fourth quarter last year, and $1.5 million in lossesfor the first quarter of 2006. The losses have stressed thecompanys loan capacity and prompted management to seek waysof raising cash or even find a buyer for the company.