09.07.2009 13:00:00
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Coinstar Money Transfer Expands Nationally with China Construction Bank
Coinstar Money Transfer Ltd. (CMT), a wholly-owned subsidiary of Coinstar, Inc. (NASDAQ: CSTR), today announced its expansion with China Construction Bank (CCB), a leading commercial bank headquartered in Beijing, China. Coinstar’s money transfer service is now available in approximately 1,500 branches across 24 Chinese provinces, and later this year the service will be available in 13 more provinces with about 1,000 additional CCB branches.
"With Coinstar Money Transfer, China Construction Bank can now provide a quality but affordable remittance service that enables all the travellers, students, workers or even customers without bank accounts to send or receive immediate cash from overseas. The CMT service will be of great help to both Chinese & expatriates here,” said Mr. Wang Yi, Assistant General Manager of China Construction Bank.
CMT offers both a cash pay-out service through CCB branches and a direct bank deposit service to all the banks in China within the CMT system. The cash pay-out service is quick and easy and takes only minutes to complete a remittance transaction.
The Asia Pacific region is one of the fastest growing markets for money transfer in the world. According to World Bank, China is the second largest remittance receiving country with $25.7 billion recorded in 2007.
"China has been a strong ‘receive’ market for a number of years and now with the strength of China’s import and export industry, the demand for sending funds out of the country is growing, thereby creating a good opportunity to expand our business in this region,” said Mohit Davar, CEO of Coinstar Money Transfer. "We’re very happy to be working with CCB as a master agent in China and look forward to an ongoing and productive relationship with them.”
About Coinstar, Inc.
Coinstar, Inc. (NASDAQ:CSTR) is a multi-national company offering a range of 4th Wall® solutions for retailers' front of store consisting of money transfer, self-service coin counting, DVD rental, electronic payment solutions, and entertainment services. Coinstar Money Transfer Ltd., a wholly-owned subsidiary of Coinstar, Inc., is a leading money transfer provider, with over 23,000 locations operating in 143 countries worldwide. For more information, visit www.coinstar.com or www.cmtmoney.com.
About China Construction Bank
China Construction Bank (CCB) is a leading commercial bank in China providing a comprehensive range of commercial banking products and services. CCB’s business consists of three principal business segments: corporate banking, personal banking, and treasury operations. CCB is among the market leaders in China in a number of products and services including infrastructure loans, residential mortgage and bank cards.
Forward-Looking Statement
Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The words "believe," "estimate," "expect," "intend," "anticipate," "goals," variations of such words, and similar expressions identify forward-looking statements, but their absence does not mean that the statement is not forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from the results expressed or implied in such statements. Differences may result from actions taken by Coinstar, Inc., as well as from risks and uncertainties beyond Coinstar, Inc.'s control. Such risks and uncertainties include, but are not limited to, changes in the number of branch locations offering money transfer services, the termination, non-renewal or renegotiation on materially adverse terms of our contracts with our significant retailers, payment of increased service fees to retailers, the ability to attract new retailers, penetrate new markets and distribution channels, cross-sell our products and services and react to changing consumer demands, the ability to achieve the strategic and financial objectives for our entry into or expansion of new businesses, the ability to adequately protect our intellectual property, and the application of substantial federal, state, local and foreign laws and regulations specific to our business. The foregoing list of risks and uncertainties is illustrative, but by no means exhaustive. For more information on factors that may affect future performance, please review "Risk Factors" described in Item 1A of Part I of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission. These forward-looking statements reflect Coinstar, Inc.'s expectations as of the date of this release. Coinstar, Inc. undertakes no obligation to update the information provided herein.
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