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Coinstar and Claremont Creek Ventures Co-Lead Series A Investment in ecoATM(TM)

SAN DIEGO Feb. 16, 2011 San Diego Claremont Creek $14.4 million

Randy Hawks Gary Cohen

ecoATM Incentivizes Consumers to Recycle Electronic Devices

According to the Consumer Electronics Association, U.S. consumers collectively buy about 500 million new electronic gadgets each year. Upgrade cycles grow shorter as gadget manufacturers tempt consumers with new features. The average U.S. household now owns 26 different consumer electronic devices for a staggering total of nearly 3 billion devices, many of which are no longer in use. The majority of these devices are still in good working condition when consumers upgrade. Unfortunately, few practical options exist for consumers to responsibly resell or recycle these devices so the vast majority of them still enter our landfills as toxic eWaste, the fastest-growing segment of our national waste stream. To solve this technology problem, ecoATM turned to technology itself and developed the ultimate solution to this vexing problem by providing convenience, immediate financial incentive, and personal data removal for consumers. ecoATM trial locations have already collected tens of thousands of devices over the past year and paid out hundreds of thousands of dollars in return for recycling.

Randy Hawks

Gregg Kaplan

Tom Tullie

ecoATM Also Announces National Science Foundation Grant and First Patent

In a concurrent announcement, ecoATM revealed that it has been awarded a Phase 1 grant by the National Science Foundation and that the United States Patent and Trademark Office had granted their first patent on the ecoATM system.

About Coinstar, Inc.

http://www.coinstarinc.com

About Claremont Creek Ventures

http://www.claremontvc.com

About Silicon Valley Bank

http://www.svb.com Santa Clara, Calif. China India Israel United Kingdom Asia Australia Europe India Israel

About ecoATM

San Diego, Calif. http://www.ecoatm.com

  • electronically and/or visually inspects virtually any consumer electronic device,
  • connects consumers in real time with a broad worldwide secondary market to ensure best pricing, and
  • pays consumers immediately in cash and/or store credit, and
  • automatically administers trade-in / trade-up promotions for retailers and manufacturers.

San Diego http://www.ecoatm.com/about-awards.htm

Anita Giani

Press Release Distribution http://www.ereleases.com

SOURCE ecoATM

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