PORTLAND, Ore., April 7 - TRM Corporation (Nasdaq: TRMM) announced today that in its 2005 financial statements included in the Company's Form 10-K filed with the Securities and Exchange Commission on March 31, 2006, the audit opinion of PricewaterhouseCoopers LLP contained an explanatory paragraph raising a question about the Company's ability to continue as a going concern. The explanatory paragraph related to certain defaults by the Company under financial covenants contained in its credit facility with lenders for whom Bank of America, N.A. is acting as administrator, which defaults caused the outstanding balances of the credit facility, and the Company's U.S. vault cash facility, to be classified as current rather than long-term debt. The Company has entered into 90-day forbearance agreements with respect to each such facility in anticipation of remedying the defaults or obtaining refinancing.
Nasdaq rules require a listed company to publicly announce whenever a Form 10-K includes an audit opinion containing an explanatory paragraph raising a question about the Company's ability to continue as a going concern.
About TRM
TRM Corporation is a consumer services company that provides convenience ATM and photocopying services in high-traffic consumer environments. TRM's ATM and copier customer base consists of over 32,000 retailers throughout the United States and over 42,600 units worldwide, including 6,200 units across the United Kingdom and over 4,400 units in Canada. TRM operates one of the largest multi-national ATM networks in the world, with over 19,000 locations deployed throughout the United States, Canada, Great Britain, Northern Ireland and Germany.
FORWARD LOOKING STATEMENTS
Statements made in this news release that are not historical facts are forward-looking statements. Actual results may differ materially from those projected in any forward-looking statement. Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, such as consumer demand for our services; access to capital; maintaining satisfactory relationships with our banking partners; technological change; our ability to control costs and expenses; competition and our ability to successfully implement our planned growth. Additional information on these factors, which could affect our financial results, is included in our SEC filings. Finally, there may be other factors not mentioned above or included in our SEC filings that could cause actual results to differ materially from those contained in any forward- looking statement. Undue reliance should not be placed on any forward-looking statement, which reflects management's analysis only as of the date of the statement. We assume no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by federal securities laws.
