To: Joe Hoek who wrote (52383 ) 7/26/1999 3:23:00 AM From: Teri Garner Read Replies (2) | Respond to of 120523
Joe, re: CSTR (CoinStar) - Harvey Einstein on Friday's Wall St. Week mentioned it as one of his favorite picks... *** Interesting article on CSTR: Monday June 28, 2:30 pm Eastern Time Company Press Release Coinstar CEO Named Entrepreneur of the Year BELLEVUE, Wash.--(BUSINESS WIRE)--June 28, 1999--Coinstar Inc. (Nasdaq:CSTR - news), a retail-based coin counting and electronic commerce company, today announced that its founder and CEO, Jens Molbak, is the recipient of this year's Ernst and Young Pacific Northwest Entrepreneur of the Year award in the service category. The award recognizes entrepreneurs who have demonstrated excellence in innovation, financial performance, and personal commitment to their business and community. A panel of business and civic leaders based in the Pacific Northwest selected Molbak for his work in developing the Coinstar® self-service coin counting machine. The on-line machine, found in more than 5,700 supermarkets around the country, makes it easy for consumers to turn their accumulated change back into cash. The other two finalists in the service category were John T. Boden of Market Contractors, Ltd. and Robert McCausland of Home Mortgage USA. Past recipients of the Pacific Northwest Entrepreneur of the Year award, now in its ninth year, include Howard Schultz, founder of Starbucks Coffee, and Jeff Bezos, founder of Amazon.com. As the winner in the service category, Molbak will now go on to the national Entrepreneur of the Year competition to be held later this year in Palm Springs. Molbak got the idea for a self-service coin counting machine after moving from the West Coast to the East Coast and back again. Each time he moved, his growing jar of coins was the last thing to go into the moving truck. Finally in 1989, while a graduate student at Stanford University, Molbak decided it was time to take action. He and his wife stood outside supermarkets interviewing shoppers about their change. The interviews confirmed Molbak's suspicions, Americans had millions of coins hidden away at home. Two years later Coinstar was founded. Today, Coinstar has processed more than $1.4 billion of America's change in more than 49 million customer transactions. In 1998 alone, Coinstar's network of machines placed 15,838,542,632 coins back into circulation, resulting in Coinstar's surpassing the U.S. Mint as the leading supplier of coin to the U.S. economy. Coinstar Inc. and its subsidiaries provide consumers and retailers with value-added services that increase customer loyalty and retailer profitability. The Coinstar network currently delivers the company's self-service coin counting product to more than 5,700 leading supermarkets in 38 U.S. states, the United Kingdom and Canada. The company's new Coinstar Shopper product is designed to bridge the gap between the Internet and the store. Consumers can call 1-800-928-CASH, or visit coinstar.com for the location of the nearest Coinstar machine. Photos can be downloaded from the Coinstar Website at: coinstar.com 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, Inc.