While Consumers Await the Launch of New Devices, the Time to Cash In is Now
San Diego, Calif. – With the anticipated launch of the iPhone® 6 less than a week away, ecoATM® (www.ecoatm.com), the nationwide network of automated electronics recycling kiosks, today announced that it has collected more than three million phones, tablets and MP3 players since the company’s founding in 2008 – that’s more than two devices for every person in San Diego, where ecoATM is headquartered. At a time when many consumers are anticipating a possible upgrade to new phones, including the iPhone 6, ensuring the unwanted devices are properly disposed of is just as important as evaluating the cost of getting a new phone.
Since January of this year, ecoATM has processed more than one million devices – reaching this latest milestone just eight months after recycling its two millionth device. The most recycled devices in ecoATM’s history are the Apple iPhone 4 and iPhone 4S. While Americans’ knowledge of, and interest in, responsible electronics recycling is increasing, there will still be nearly 400 million idle phones in the U.S. at the end of 2014. According to the EPA, the rate at which phones are recycled is less than 20 percent. ecoATM is committed to increasing the percentage of cell phones, tablets and MP3 players that are recycled by providing Americans with an easy, safe and convenient solution to address the e-waste problem.
“Over the last few years, many new buyback and recycling options have emerged that allow consumers to get value for their old smartphones and other electronics. However, ecoATM's buyback system is currently one of the few that offers an instant cash incentive which, according to our research, is the most effective incentive to encourage consumers to recycle,” said Kate Pearce, Sr. Strategist and Consultant, Compass Intelligence. ”In addition, since ecoATM's kiosks are located in convenient locations and accept a wide variety of devices, it’s not surprising they have met the 3 million milestone so quickly.”
“The average person upgrades their mobile phone every 18 months, which means that tens of millions of excess devices are retired each year,” said Maria Stipp, president of ecoATM. “Before solutions like ecoATM, many of those devices would be tossed in a junk drawer, or worse, end up in our nation’s landfills. Our kiosks accept a range of phones, tablets and MP3 players, no matter the condition or age. This acceptance is a unique and differentiating attribute in the space. Reaching this milestone confirms that Americans are beginning to realize the environmental impact of their technology consumption and the need for electronics recycling, but we still have a long way to go.”
As of July 31, 2014, ecoATM had approximately 1,100 kiosks located in shopping malls and select large retailers nationwide. The kiosks provide cash payments as an incentive for consumers to recycle. In addition to the cash consumers earn by recycling their devices through ecoATM, the collection of three million devices has enabled the recovery or reuse of:
Recycling with ecoATM
ecoATM kiosks accept devices of any era or condition and use a worldwide auction system to offer consumers competitive prices – ranging from a few dollars for older models to a few hundred for newer smartphones – depending upon condition. Some very old devices may not be worth anything, but, with ecoATM, consumers can rest assured knowing that devices will be safely and responsibly recycled. ecoATM is able to find a second life for 75 percent of devices collected. For the remaining 25 percent, ecoATM partners with R2 certified e-waste reclamation facilities to ensure those materials are responsibly reused and recycled.
ecoATM provides a safe, secure way for consumers to recycle used electronic devices, and has implemented extensive security features and processes to deter the sale of stolen devices. ecoATM sets the standard for the highest level of transparency and cooperation with law enforcement.
To learn more about ecoATM or to find a kiosk, visit www.ecoatm.com.
ecoATM, an Outerwall Inc. (Nasdaq: OUTR) brand, is the first company to create an automated self-serve kiosk system to buy back old phones, tablets or MP3 players for cash. ecoATM uses patented, advanced machine vision, electronic diagnostics, and artificial intelligence to evaluate electronics. ecoATM’s eCycling stations provide a convenient trade-in solution with features that validate sellers’ identities and deter the sale of stolen phones, and the company collaborates with national, state, and local law-enforcement groups in combating mobile phone theft through innovative use of technology and education
ecoATM holds both Responsible Recycling (R2) and ISO14001 certification, confirming the company’s commitment to maintaining the highest standards of electronics recycling, as well as ISO27001 certification for information and personal data security. See https://www.ecoatm.com/how-it-works/ for a video of how an ecoATM kiosk works. For more information, visit www.ecoatm.com and for more information about Outerwall Inc. please visit www.outerwall.com.
About Outerwall Inc.
Outerwall has more than 20 years of experience creating some of the most profitable spaces for their retail partners. Outerwall is leading the next generation of automated retail and paving the way for inventive, scalable businesses. Outerwall™ kiosks are in neighborhood grocery stores, drug stores, mass merchants, malls, and other retail locations in the United States, Canada, Puerto Rico, the United Kingdom, and Ireland. Learn more at www.outerwall.com.
Safe Harbor for Forward-Looking Statements
Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expect" and "will" and variations of such words, and future-looking and similar expressions identify forward-looking statements, but their absence does not mean that the statement is not forward-looking. Forward-looking statements are not guarantees of future events, results, performance, or conditions. The forward-looking statements in this report, including those relating to the cell phone and recycled electronics markets, and the performance of the ecoATM business, are only predictions based on the current intent and expectations of management, and actual events, results, performance, and conditions may be materially different from those expressed or implied in those statements. Differences may result from actions taken by Outerwall or ecoATM, as well as from risks and uncertainties beyond their control. Such risks and uncertainties include, but are not limited to, competition from other companies who purchase used electronics, actions resulting from federal, state, local and other laws and regulations or taken by governing bodies, as well as the ability to achieve the strategic and financial objectives of Outerwall’s entry into new businesses, such as ecoATM. The foregoing list of risks and uncertainties is illustrative, but by no means exhaustive. For more information on factors that may affect Outerwall, please review "Risk Factors" described in Outerwall's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (the "SEC"), as well as other public filings with the SEC. These forward-looking statements reflect Outerwall's expectations as of the date of this report. Outerwall undertakes no obligation to update the information provided herein.