Company Press Release
Coinstar Inc. Signs Agreement With American Stores
BELLEVUE, Wash.--(BUSINESS WIRE)--Oct. 16, 1997--Coinstar Inc. (NASDAQ:CSTR) announced that it has signed a contract with American Stores Company, one of the nation's largest food and drug retailers.
The agreement marks the first step in a process that will enable Coinstar Inc. to install their self-service coin counting machines in divisions of American Stores that seek their service offering. The contract names Coinstar as the exclusive coin processing service for participating American Stores divisions.
The company also announced that Acme Markets in Philadelphia will be the first division of American Stores Company to install Coinstar(R) machines under the new agreement. A market-wide rollout of machines is currently underway in over 100 Philadelphia-area Acme locations. These installations will further expand Coinstar's penetration into the Philadelphia market, bringing the total machine count in the region to nearly 250. In addition, 30 Acme stores in New York are scheduled to receive the Coinstar machines later this month.
Coinstar's relationship with American Stores began in October of 1996 when machines were placed into Lucky stores in Southern California. In April of 1997 Coinstar installed machines into Las Vegas Lucky stores as well.
''The agreement with American Stores is significant because they consistently rank among the market leaders in the communities they serve,'' said Jens Molbak, president and CEO of Coinstar Inc. ''They are highly respected in the retail industry, so we're pleased that they have confidence in our network and in our service.''
American Stores operates more than 1,600 food and drug stores in 27 states. Its principal retail operations include 182 Acme Markets, 185 Jewel Food Stores, 186 Lucky Stores in Northern California, 247 Lucky Stores in Southern California. The company is comprised of 813 food stores in 12 states and 882 drug stores in 21 states(a).
Coinstar Inc. develops, owns and operates a network of over 2,800 automated, self-service coin counting machines that provide consumers with a convenient means of converting loose coins into cash.
For the location of the nearest Coinstar machine, consumers may call 1-800-928-CASH or visit Coinstar on the internet at www.coinstar.com .
(a) Numbers current as of the end of 1996.
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Contact:
Coinstar Inc.
Kirk Collamer, CFO, 206/644-6789
OR
Fi.Comm
Cathy Corley, IR, 206/467-6732
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More news for referenced ticker symbols: CSTR, and related industries: banking, retail.
Additional news and quotes: American Stores Co - ASC. |
