News

CoinBank wins military contract

February 25, 2002

Cash Technologies Inc. announced that its wholly-owned subsidiary, CoinBank Automated Systems, Inc., signed an agreement with the Army and Air Force Exchange Service (AAFES) to install its CoinBank advanced coin deposit machines at several Army and Air Force bases.

Bruce Korman, Cash Technologies chairman and CEO, said that CoinBank's ability to electronically issue and dispense phone cards may have given his company an edge in winning the contract. He noted that the AAFES, which is responsible for the purchase and sale of consumer merchandise and services at all Army and Air Force bases, is the largest purchaser of prepaid phone cards in the world.

Following the initial installation, the company anticipates additional deployments of CoinBank machines at other AAFES facilities.