CVS/pharmacy First Coinstar Retailer to Offer Its Own Gift Card in the Coin to Card Program.
BELLEVUE, Wash. -- Coinstar, Inc. (NASDAQ:CSTR), the leader in self-service coin counting, today announced that CVS/pharmacy, the retail division of CVS Caremark Corporation, is expected to have gift cards available in more than 360 Coinstar Center[R] kiosks in CVS/pharmacy stores this summer. The Coin to Card[TM] service allows consumers to convert their loose change to a CVS card at the Coinstar kiosk and pay no coin-counting fee.
To use the Coin to Card service, consumers simply select the gift card option at the Coinstar Center, then choose the CVS card (or one of the available eCertificates), pour their loose, unsorted change into the input tray, and then once counted, the CVS card will be dispensed right away and can be used just like cash to make store purchases.
"We're delighted to be working with CVS/pharmacy to offer our first host retailer gift card," said Alex Camara, senior vice president and general manager of worldwide coin at Coinstar, Inc. "We believe our Coin to Card service benefits retailers like CVS/pharmacy by driving more foot traffic and purchases, as well as consumers who can now turn idle change into found money to purchase a variety of healthcare products or other merchandise at CVS/pharmacy."
"We are very pleased to partner with Coinstar to make the Coin to Card service available at all CVS Coinstar Center locations," said Peter Nash, director -- treasury operations, CVS Caremark. "With this service, we will provide added value for our customers by making it easy and convenient for them to convert their loose change to a CVS gift card."
Coinstar estimates that 80 percent of U.S. households accumulate loose change, and that the average household has about $90 in change sitting idle.
The CVS card and eCertificates, such as Amazon.com, Circuit City, Eddie Bauer and iTunes, are expected to be available at Coinstar Centers located in CVS/pharmacy stores in 11 Mid-West and Western states. Consumers can locate the nearest CVS/pharmacy store with the Coin to Card option by going to www.coinstar.com and using the machine locator.
About Coinstar, Inc.
Coinstar, Inc. (NASDAQ:CSTR) is a multi-national company offering a range of 4th Wall[TM] solutions for the retailers' front of store consisting of self-service coin counting, electronic payment solutions, entertainment services and self-service DVD rental. The company's products and services can be found at more than 60,000 retail locations including supermarkets, drug stores, mass merchants, financial institutions, convenience stores, and restaurants. For more information, visit www.coinstar.com.
CVS/pharmacy, the retail division of CVS Caremark Corporation, is America's largest retail pharmacy with approximately 6,200 retail locations. CVS/pharmacy is committed to serving the healthcare needs of all customers by being the easiest pharmacy for customers to use, both in its stores and online at CVS.com. General information about CVS/pharmacy and CVS Caremark is available at http://www.cvs.com/pressroom, as well as http://investor.cvs.com.
Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The words "believe," "estimate," "expect," "intend," "anticipate," "goals," variations of such words, and similar expressions identify forward-looking statements, but their absence does not mean that the statement is not forward-looking. The forward-looking statements in this release include statements regarding the expected availability of CVS gift cards in Coinstar Centers. Forward-looking statements are not guarantees of future performance and actual results may vary materially from the results expressed or implied in such statements. Differences may result from actions taken by Coinstar, Inc., as well as from risks and uncertainties beyond Coinstar, Inc.'s control. Such risks and uncertainties include, but are not limited to, the termination, non-renewal or renegotiation on materially adverse terms of our contracts with our significant retailers, payment of increased service fees to retailers, the ability to attract new retailers, penetrate new markets and distribution channels, cross-sell our products and services and react to changing consumer demands, the ability to achieve the strategic and financial objectives for our entry into or expansion of new businesses, the ability to adequately protect our intellectual property, and the application of substantial federal, state, local and foreign laws and regulations specific to our business. The foregoing list of risks and uncertainties is illustrative, but by no means exhaustive. For more information on factors that may affect future performance, please review "Risk Factors" described in Item 1A of Part I of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission. These forward-looking statements reflect Coinstar, Inc.'s expectations as of the date of this release. Coinstar, Inc. undertakes no obligation to update the information provided herein.