Coinstar Inc. Processes Ten Billionth Coin.BELLEVUE, Wash.--(BUSINESS WIRE)--Oct. 21, 1997-- Milestone Signals Consumer Acceptance of Automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. Coin Counting Machines On the strength of an expanding network of self-service Coinstar (R) coin-counting machines, Coinstar Inc. recently announced that it has processed more than ten billion coins since the company placed its first machines in 1992. The innovative machines, now available at over 2,800 locations across the country, have been steadily counting America's pocket change and piggy banks for the past five years. "Our customers are discovering the hidden value of the change they empty out of their pockets every night," said Jens Molbak, 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. of Coinstar Inc. "Fewer people are letting their coins collect dust now that they have an easy alternative to the chore of sorting, counting and rolling them." It is estimated that $144 billion in coins circulate cir·cu·late v. cir·cu·lat·ed, cir·cu·lat·ing, cir·cu·lates v.intr. 1. To move in or flow through a circle or circuit: blood circulating through the body. 2. through the U.S. economy each year -- that's about $600 in coins per American consumer. Seventy five percent of people in the U.S. have coins collecting dust at home. The amount of these personal coin stashes is typically between $30 and $50. The Coinstar machine provides people with a quick and convenient way to put some extra cash in their pocket during a routine trip to the supermarket. The customer simply pours their unsorted coins into the machine and receives a voucher A receipt or release which provides evidence of payment or other discharge of a debt, often for purposes of reimbursement, or attests to the accuracy of the accounts. good for cash at the checkstand. The voucher can also be applied towards in-store purchases. To illustrate the growth of the company's network of coin-counting machines, the first coin was processed at a Safeway store in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden in 1992. Four years later, at a QFC QFC Quality Food Centers QFC Queueing Flow Control QFC Quality Feedback Card QFC Quality Fulfillment Committee (PostEurop) QFC Quantum Flow Control supermarket in Coinstar's hometown home·town n. The town or city of one's birth, rearing, or main residence. Noun 1. hometown - the town (or city) where you grew up or where you have your principal residence; "he never went back to his hometown again" of Bellevue, Wash., the billionth coin was processed. Approximately a year and a half later, the ten billionth coin was processed three time zones away at a Kroger store in Charlottesville, Va. Coinstar Inc. develops, owns and operates a network of automated, self-service coin counting and processing machines that provide consumers with a convenient means of converting loose coins into cash. Coinstar machines are installed in 26 states and 36 regional markets throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Consumers can call 1-800-928-CASH for the location of the nearest Coinstar machine. (Visit Coinstar on the World Wide Web at www.coinstar.com) CONTACT: Coinstar Inc. Dave Herrick, 425/943-8000 Jed Hamilton, 425/943-8000 |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion