Coinstar Inc. Forms International Subsidiary.BELLEVUE, Wash.--(BUSINESS WIRE)--June 11, 1998--Coinstar Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :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) ) today announced the formation of a wholly-owned subsidiary to pursue international opportunities in self-service coin counting. The new subsidiary, Coinstar International Inc., will focus on developing new Coinstar business outside the United States. Coinstar currently owns and operates more than 3,900 self-service coin counting machines in 31 U.S. states. "American consumers are not at all alone when it comes to the difficulty they have in turning their coins into cash," said Jens Molbak, chairman 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. of Coinstar Inc. "In fact, many countries share the problem of having too many coins sitting idle and out of circulation. With our new international subsidiary, we'll be looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. the best global opportunities to apply our easy-to-use coin recycling technology." The company's recent development of its new proprietary coin counting mechanism will enable Coinstar to more easily adapt its machines to foreign markets. The mechanism can be calibrated cal·i·brate tr.v. cal·i·brat·ed, cal·i·brat·ing, cal·i·brates 1. To check, adjust, or determine by comparison with a standard (the graduations of a quantitative measuring instrument): to count the coins of a wide array of countries with differing denominations of coins. "Western Europe is a particularly exciting market," continued Molbak. "The European Monetary Union European Monetary Union An agreement by participating European Union member countries that includes protocols for the pooling of currency reserves and the introduction of a common currency. will require that participating governments exchange approximately 76 billion existing coins for Euros by the summer of 2002. Coinstar International will be looking at ways in which we might be able to help solve a coin logistics problem for central banks and mints throughout the European Union European Union (EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community ." The company also announced the appointment of John Melin to lead business development for Coinstar International. Mr. Melin joined Coinstar from McKinsey & Company, a management consulting firm, where he spent eight years working with major companies across a number of industries including supermarket, financial services and telecommunications. Mr. Melin, a Canadian, holds a bachelor of science Noun 1. Bachelor of Science - a bachelor's degree in science BS, SB bachelor's degree, baccalaureate - an academic degree conferred on someone who has successfully completed undergraduate studies degree in engineering from the University of Saskatchewan The University of Saskatchewan (U of S) is a coeducational public research university located on the east side of the South Saskatchewan River in Saskatoon, Saskatchewan, Canada. The University is celebrating its centennial year in 2007. and a master of science degree in economics from Oxford University where he was a Rhodes Scholar. He has broad business experience throughout North America, the Pacific Rim and Europe. Coinstar Inc. develops, owns and operates a nationwide network of more than 3,900 automated, self-service coin counting and processing machines that provide consumers with a convenient means of converting loose coins into spendable cash. Consumers can call 1-800-928-CASH or visit Coinstar on the internet at http://www.coinstar.com for the location of the nearest Coinstar machine. This press release contains forward-looking statements 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. CONTACT: Coinstar Inc. Kirk Collamer or David Herrick Chief Financial Officer Public Relations Manager 425/943-8000 425/943-8205 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion