LOS ANGELES -- Cash Technologies, Inc.'s wholly owned Austrian subsidiary, CoinBank Automation Handels GmbH, announced that it has reached an agreement with Bank Austria's subsidiary, Creditanstalt AG, to install its CoinBank advanced coin deposit machines on a trial basis.
With more than 200 branches, Bank Austria is Austria's largest banking group with more than US$140 billion in assets, as well as Austria's largest publicly traded corporation.
"The conversion of local currencies to the euro within the European Union will provide enormous opportunities for European cash handling equipment providers like CoinBank Automation," said Cash Technologies Chairman and CEO Bruce Korman.
More than 70 billion coins need to be redeemed in Europe before July, 2002, when local coin and currency denominations will become worthless for common use. The CoinBank is software driven, allowing coins in any country to be programmed for acceptance now and the new euro coins later.
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