Cash Technologies, Inc. announced Friday the appointment of Robert M. Gielow as its Chief Financial Officer, replacing Richard Miller. Mr. Miller, a Director and Founder of the Company, had been serving as interim CFO.
Mr. Gielow, 53, most recently was Vice President and General Manager of the Emerging Business Services division of ADP from July to December of 1998.
From 1991 until July 1998, Mr. Gielow served as VP Finance and later as CFO of Kinko’s, Inc. which operated approximately 850 domestic and 30 foreign branch offices. While at Kinko’s, Mr. Gielow played a key role in the consolidation of 125 independent operating companies into the $1.6 billion Kinko’s Inc. entity.
Mr. Gielow started his career at Xerox Corporation, where he spent 15 years in a variety of financial and administrative assignments.
“We are fortunate to have found someone with the depth of experience and knowledge in finance, technology and operations that Bob Gielow possesses to serve as our CFO,” said Bruce Korman, Cash Technologies Chairman and CEO.
Cash Technologies’ wholly owned Austrian subsidiary, CoinBank Automation Handels GmbH, recently announced that it has reached an agreement with Bank Austria’s subsidiary, Creditanstalt AG, to install its CoinBank(R) 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, in addition to being Austria’s largest publicly traded corporation.
“The conversion of local currencies to the euro within the European Union (“EU”) will provide enormous opportunities for European cash handling equipment providers like CoinBank Automation,” said Korman. “Bank Austria, a banking technology innovator, is one of the first of many European banks that we expect to embrace the electronic-commerce enabled CoinBank(R) machine.”
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(R) self-service coin deposit machine is the ideal solution to help the EU cope with this problem. It is entirely software driven, allowing coins in any country to be programmed for acceptance now and the new euro coins later.
Cash Technologies, Inc. develops and markets innovative e-commerce kiosks, including advanced self-service coin counters and the multifunction ATM-X(TM) automated teller machine. The Company also provides computerized cash processing services to banks, armored carriers, rapid transit agencies and other cash-intensive businesses.
