Coinstar Inc. and SeaMEDCorporation Sign Manufacturing Supply Agreement May 28, 1998 12:42 PM
BELLEVUE, Wash.--(BUSINESS WIRE)--May 28, 1998--Coinstar Inc. CSTR and SeaMED Corporation SEMD today announced they signed a
new three year manufacturing supply agreement for SeaMED to continue to provide manufacturing services to Coinstar for their coin counting
machines.
The new agreement, which reflects Coinstar's continued growth in unit installations, will provide SeaMED with better production predictability
while lowering Coinstar's per unit manufactured cost. The agreement also includes strengthened warranty provisions on the Coinstar(R) unit and
its component parts.
"We have been extremely pleased with the high quality of SeaMED's workmanship," said Dan Gerrity, president and COO of Coinstar Inc. "This
new agreement allows us to reduce the manufactured cost of our units due to increased efficiencies in tooling, labor and production volume,
while giving us the flexibility to engineer our machines as market opportunities evolve."
"We are delighted to extend our relationship with Coinstar," said Bob Berg, President and CEO of SeaMED. "Coinstar has established a truly
unique, intelligent network of coin counting machines. Their high standards for quality and reliability fit SeaMED's model of outsourced
engineering services and manufacturing expertise for mission-critical instrumentation."
Coinstar Inc. develops, owns and operates a nationwide network of more than 3,800 automated, self-service coin counting and processing
machines that provide consumers with a convenient means of converting loose coins into spendable cash.
For more information on Coinstar, consumers can call 1-800/928-CASH or visit Coinstar on the internet at coinstar.com for the
location of the nearest Coinstar machine.
SeaMED Corporation designs and manufactures advanced electronic instruments for medical and commercial technology companies. With its
combination of engineering, manufacturing and regulatory expertise, the Company assists its customers in developing and commercializing
their complex products. SeaMED is headquartered in Redmond, Washington, and has approximately 470 employees.
Information about SeaMED and its services can be found on the World Wide Web at seamed.com
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 and SeaMED respectively. |
