BELLEVUE, Wash.--(BUSINESS WIRE)--Feb. 17, 1998--Coinstar, Inc. CSTR today announced the invention of a new coin counting
mechanism that is expected to lower the company's per unit operating expense and manufacturing cost.
"We are proud to introduce a brand new technology for counting coins," said Jens Molbak, president and chief executive officer of
Coinstar, Inc. "This represents a leap forward in coin counting technology. When combined with Coinstar's patented coin cleaning
technology, it's extremely reliable, easier to service, and less expensive to produce and operate."
The coin counting mechanism, when coupled with a computer and other proprietary components, is the device which determines the value
of coins processed by the Coinstar(R) machine. Coinstar's new mechanism can be calibrated to count the coins of a wide array of countries
with differing denominations of coins.
"This technology represents significant advances in several facets of the coin counting and discrimination process," said Dan Gerrity, chief
technical officer of Coinstar, Inc. "Our customers and supermarket partners want machines that are available 7 days per week, 24 hours per
day. We expect this new technology, when combined with our patented coin cleaning technology, our field service force and our online
network, to enhance our ability to meet those desires and the significant challenges associated with processing coins and debris often found
in coin jars."
"Field operating expenses are a large component of our overall cost structure," said Kirk Collamer, chief financial officer of Coinstar, Inc.
"We expect that our new technology will allow us to increase the number of machines that each field engineer services, thereby positively
impacting these expenses."
Coinstar has filed for patent protection for the new coin counting mechanism both domestically and internationally. Coinstar's patent
portfolio already consists of two separate United States patents related to its coin counting and cleaning machine and process.
The introduction of the company's proprietary technology allows the termination of the existing supplier relationship with Scan Coin AB.
Coinstar expects to incur costs, the amount of which cannot yet be determined, in connection with the transition to the new technology.
Coinstar, Inc. owns and operates a nationwide network of more than 3,300 automated, self-service coin counting machines that provide
consumers with a convenient means of converting loose coins into cash. Coinstar machines are installed in 30 states and 40 regional markets
throughout the United States.
Consumers can call 1-800-928-CASH or visit coinstar.com for the location of the nearest Coinstar machine.
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