Coinstar, Inc. Proposes Corporate Name Change To Outerwall
BELLEVUE, Wash., April 25, 2013 /PRNewswire/ -- Coinstar, Inc. (Nasdaq: CSTR), a leader in automated retail, today announced that it plans to seek stockholder approval to change its name to Outerwall Inc. at the company's Annual Meeting of Stockholders to be held on June 27, 2013.
The name change reflects the evolution of the company from a single coin-counting kiosk business into multiple automated retail businesses. The name Outerwall was selected as an umbrella corporate brand that encompasses the company's current operations and provides a platform for future opportunities. The name is intended to signify innovation and pushing the walls of retail out into a new dimension through current and future automated retail solutions.
"Our proposed name change to Outerwall unifies our growing portfolio of products and services under one name and reflects the company's ongoing commitment to think beyond the limits to make a better everyday possible for everyone," said J. Scott Di Valerio, chief executive officer of Coinstar, Inc. "More than two decades ago, Coinstar pioneered self-service coin counting and ten years later, Redbox reimagined a new way to deliver low-cost entertainment through DVD kiosks. We continue to develop solutions that are simple, convenient and affordable."
In accordance with Securities and Exchange Commission (SEC) regulations, the company plans to file a preliminary proxy statement today with the SEC that includes the proposal to amend the company's Restated Certificate of Incorporation to change the company's name. The company expects to file its definitive proxy statement in May 2013.Subject to receipt of stockholder approval at the Annual Meeting of Stockholders and completion of other legal formalities, Coinstar, Inc. will change its name to Outerwall Inc. The company's core businesses will retain their current brand names, Redbox and Coinstar. After the new name is formally adopted, the company plans to change its NASDAQ ticker symbol from "CSTR" to "OUTR" and will announce the date trading under the new symbol will commence.
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