Cash Technologies To Install Coin Machines at Army and Air Force Bases
(Business Wire; 02/01/99)
LOS ANGELES (Feb. 1) BUSINESS WIRE -Feb. 1, 1999--Cash Technologies, Inc.
(NASDAQ:CHNG) announced today that its wholly owned subsidiary, CoinBank
Automated Systems, Inc. ("CoinBank"), has signed an agreement with the Army and
Air Force Exchange Service ("AAFES") to install its CoinBank(R) advanced coin
deposit machines at selected U.S. Army and Air Forcebases. AAFES is the agency
responsible for the purchase and sale of consumer merchandise and services for
all United States Army and Air Force bases around the world, and operates more
than 1400 retail facilities in all 50 states and 25 countries.
"This contract demonstrates the value of integrating CoinBank's e-commerce
technology into its coin counting machines," said Cash Technologies Chairman
and CEO Bruce Korman. "In addition to offering U.S. soldiers, airmen and their
families the first convenient method to dispose of loose coin, AAFES is the
largest purchaser of prepaid phone cards in the world and can benefit from
CoinBank's ability to electronically issue and dispense phone cards. This
capability provided CoinBank with a key advantage in the fierce competition for
There are a number of military bases in the U.S. that could be described as
virtual cities, with their own ordinances, schools, retail stores and
populations exceeding 100,000 military and civilian residents, providing
potential opportunities for multiple CoinBank(R) installations at each base.
Following these initial installations, the Company anticipates extending the
scope of the agreement throughout the AAFES system.
Cash Technologies, Inc. develops and markets innovative e-commerce kiosks,
including advanced self-service coin counters and the multi-function ATM-X(TM)
automated teller machine.The Company also provides computerized cash processing
services to banks, armored carriers, rapid transit agencies and other cash-
Matters discussed in this release include forward-looking statements that
involve risks and uncertainties, and actual results may be materially
different. Factors that could cause actual results to differ include activity
levels in the securities markets and other risk factors disclosed in the
company's reports to the Securities and Exchange Commission, including its
Form10-QSB and Form 10-KSB on file with the SEC.