Coinstar CEO Named Entrepreneur of the Year.BELLEVUE, Wash.--(BUSINESS WIRE)--June 28, 1999-- Coinstar Inc. (Nasdaq:CSTR CSTR Centre for Speech Technology Research CSTR Canister CSTR Continually Stirred Tank Reactor CSTR Center for Software Testing Research (Florida Tech) CSTR Combat System Trial Rehearsal (US DoD) ), a retail-based coin counting and electronic commerce company, today announced that its founder and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Jens Molbak, is the recipient of this year's Ernst and Young Pacific Northwest Entrepreneur entrepreneur (än'trəprənûr`) [Fr.,=one who undertakes], person who assumes the organization, management, and risks of a business enterprise. of the Year award in the service category. The award recognizes entrepreneurs who have demonstrated excellence in innovation, financial performance, and personal commitment to their business and community. A panel of business and civic leaders based in the Pacific Northwest selected Molbak for his work in developing the Coinstar(R) self-service coin counting machine. The on-line machine, found in more than 5,700 supermarkets around the country, makes it easy for consumers to turn their accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. change back into cash. The other two finalists in the service category were John T. Boden of Market Contractors, Ltd. and Robert McCausland of Home Mortgage USA. Past recipients of the Pacific Northwest Entrepreneur of the Year award, now in its ninth year, include Howard Schultz  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. , founder of Starbucks Coffee, and Jeff Bezos Jeffrey Preston Bezos (born January 12, 1964 , Albuquerque ) is the founder, president, chief executive officer, and chairman of the board of Amazon.com. Bezos, a Phi Beta Kappa graduate of Princeton University, worked as a financial analyst for D. E. Shaw & Co. , founder of Amazon.com. As the winner in the service category, Molbak will now go on to the national Entrepreneur of the Year competition to be held later this year in Palm Springs. Molbak got the idea for a self-service coin counting machine after moving from the West Coast to the East Coast and back again. Each time he moved, his growing jar of coins was the last thing to go into the moving truck. Finally in 1989, while a graduate student at Stanford University Stanford University, at Stanford, Calif.; coeducational; chartered 1885, opened 1891 as Leland Stanford Junior Univ. (still the legal name). The original campus was designed by Frederick Law Olmsted. David Starr Jordan was its first president. , Molbak decided it was time to take action. He and his wife stood outside supermarkets interviewing shoppers about their change. The interviews confirmed Molbak's suspicions, Americans had millions of coins hidden away at home. Two years later Coinstar was founded. Today, Coinstar has processed more than $1.4 billion of America's change in more than 49 million customer transactions. In 1998 alone, Coinstar's network of machines placed 15,838,542,632 coins back into circulation, resulting in Coinstar's surpassing the U.S. Mint as the leading supplier of coin to the U.S. economy. Coinstar Inc. and its subsidiaries provide consumers and retailers with value-added services A value-added service (VAS) is a telecommunications industry term for non-core services or, in short, all services beyond standard voice calls and fax transmissions. that increase customer loyalty and retailer profitability. The Coinstar network currently delivers the company's self-service coin counting product to more than 5,700 leading supermarkets in 38 U.S. states A U.S. state is any one of the fifty subnational entities of the United States, although four states use the official title "commonwealth". The separate state governments and the federal government share sovereignty, in that an American is a citizen both of the federal entity and , the United Kingdom and Canada. The company's new Coinstar Shopper product is designed to bridge the gap between the Internet and the store. Consumers can call 1-800-928-CASH, or visit http://www.coinstar.com for the location of the nearest Coinstar machine. Photos can be downloaded from the Coinstar Website at: http://www.coinstar.com/news/photorel.html This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve a number of risks and uncertainties. Actual results could differ materially from the results identified or implied in any forward-looking statement discussed herein. Factors that could cause or contribute to such differences include, but are not limited to, the risks that are more fully described under the caption "Risk Factors" included in the most recent reports filed with the Securities and Exchange Commission by Coinstar, Inc. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion