Coinstar Inc. and Cash Technologies Inc. , parent company of CoinBank Automated Systems Inc., Tuesday announced they have resolved litigation involving patent infringement claims and counter-claims originally filed by Coinstar on June 18, 1997.
The agreement provides for the dismissal of each party’s respective claims in the litigation and effectively ends the dispute over the patents-in-suit.
“We are pleased with the dismissal of the patent infringement lawsuit,” said Bruce Korman, CEO of Cash Technologies Inc. “This agreement allows us to concentrate our energies on our business plan, particularly the completion and upcoming deployment of our EMMA(tm) e-commerce transaction processing system.”
“We agree that this settlement is in the best interests of both companies,” said Dan Gerrity, president and COO of Coinstar Inc. “It brings closure to all the issues in dispute and eliminates the potential costs and distractions implicit in continuing the litigation. We want to stay focused on the business of growing and operating our coin processing network.”
Cash Technologies Inc.
([www.cashtechnologies.com]) develops and markets innovative e-commerce kiosks and systems, including the EMMA transaction processing software, the multifunction ATM-X automated teller machine (ATM) and the CoinBank advanced self-service coin counter. The company also provides computerized cash processing services to banks, armored carriers, rapid transit agencies and other cash-intensive businesses.
Coinstar 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 6,400 leading supermarkets in 38 states, the District of Columbia, the United Kingdom and Canada. Consumers can call 1-800/928-CASH, or visit [http://www.findcoinstar.com] for the location of the nearest Coinstar machine.