BELLEVUE, Wash. -- Coinstar Inc. said 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 company's core businesses will retain their current brand names, Redbox and Coinstar.
The name change reflects the evolution of the company from a single coin-counting kiosk business into multiple automated retail businesses, it said. It selected the name "Outerwall" 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, CEO of Coinstar Inc. "More than two decades ago, Coinstar pioneered self-service coin counting, and 10 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 U.S. Securities & Exchange Commission (SEC) regulations, the company will file a preliminary proxy statement 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 and completion of other legal formalities, Coinstar Inc. will change its name to Outerwall Inc.
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.
Bellevue, Wash.-based Coinstar is a leading provider of automated retail solutions offering convenient products and services that make life easier for consumers and drive incremental traffic and revenue for retailers. The company's core automated retail businesses include the Redbox self-service DVD and video game rental and Coinstar self-service coin-counting brands. The company also identifies and develops innovative self-service concepts in its New Ventures segment. The company's kiosks are located in supermarkets, drug stores, mass merchants, financial institutions, convenience stores and restaurants.
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