CoinBank Automated Systems Inc. has signed an agreement with a military service agency to install CoinBanks, its automated coin- deposit machines, at certain Army and Air Force locations. The agreement was with the Army and Air Force Exchange Service, which operates more than 1,400 retail facilities in all 50 states and 25 countries.
"This contract demonstrates the value of integrating CoinBank's electronic commerce technology into its coin counting machines," said Bruce Korman, chairman and chief executive officer of Cash Technologies Inc., CoinBank's parent company.
"In addition to offering U.S. soldiers, airmen, and their families the first convenient method to dispose of loose coins, 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," Mr. Korman said.
Cash Technologies, which also deploys automated teller machines and provides cash-processing services to banks and other entities, said it will initially install multiple systems in some of the larger military communities and later anticipates extending the scope of the agreement.