Troubled ATM ISO TRM Sheds Remains of Photocopier Business

PORTLAND, Ore. – Financially ailing TRM Corp., once the largest renter of photocpiers in the country, sold its remaining photocopier assets for $400,000 yesterday. TRM, the operator of 15,000 ATMs–6,000 of which are connected to the credit unions’ CO-OP Network–said the proceeds from the sale will be used to pay down debt and other corporate purposes. The photocopier assets, all in Canada, were sold to FPC Multitech Services, which is owned by former TRM operations manager Philip Blouin. Over the past year TRM has raised almost $100 million with the sale of its U.S. and Canadian copier business, and its Canadian and U.K., ATM business. TRM reported losses of $120 million last year and is currently fighting a bid by the Nasdaq to delist its stock.