Some news ...
Coinstar Network Grows to 5,000 Machines;
Availability of Self-Service Coin Counting
Machines Doubles In 18 Months
Business Wire - March 05, 1999 11:49
BELLEVUE, Wash.--(BUSINESS WIRE)--March 5, 1999--Coinstar Inc.
(Nasdaq:CSTR) today announced the installation of its 5,000th self-service
coin-counting machine at a Safeway in Fort Collins, Colorado, which is 60 miles
north of Denver.
This week's installation took place just eight short years after founder Jens
Molbak, then a graduate student, stood outside grocery stores asking shoppers
whether they had a problem turning their coins into cash.
The answer to Molbak's question spawned a supermarket-based self-service
coin-counting industry which has resulted in the processing of more than 31
billion coins and put nearly $1.2 billion in spending power back into the
economy. Coinstar machines are now located within 59 metropolitan areas in
major retailers such as Kroger, A&P, and Harris Teeter.
"In just a few short years, Coinstar's machines have helped Americans change
the way they turn their coins back into cash," said Coinstar founder and CEO
Molbak. "Consumers pour in their change and within seconds have a voucher
redeemable for either cash or groceries."
Founded in 1991, Coinstar's very first machines were installed in the San
Francisco Bay Area, coincidentally in four Safeway Stores. By 1993, the
company had relocated to Bellevue, Washington and the nationwide roll-out
was underway. Forty-eight machines were in place by the end of 1994 and one
year later, nearly 300 machines were installed. By the end of 1996, Coinstar
had more than 1,500 machines installed in U.S. supermarkets and in August of
1997, Coinstar celebrated the installation of 2,500 machines.
"The Coinstar roll-out is the fastest roll-out for a service of this kind ever in the
supermarket industry," Coinstar's Molbak notes. "We feel Coinstar is continuing
to enjoy this enormous success because the service we provide is valuable to
nearly every American."
Coinstar, Inc. (R) develops, owns and operates a network of 5,000
self-service, coin counting machines. The machines, which provide consumers
with a convenient means of converting loose change into cash, are located in
leading supermarket chains in 37 states. Consumers can call 800/928-CASH,
or visit coinstar.com for the location of the nearest Coinstar
machine.
Photos can be downloaded from the Coinstar Website at:
coinstar.com
CONTACT: Coinstar, Inc.
Kirk Collamer, 425/943-8000
Michelle Avila, 425/943-8253
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