SAN DIEGO, Oct. 24, 2014 /PRNewswire/ -- ecoATM, the nationwide network of automated electronics recycling kiosks, announced today it received the 2014 Green Business of the Year Award presented by the Latin Business Association (LBA) for its increasingly positive impact on the environment and economy. ecoATM, the first e-waste recycling kiosk, was invented to help solve the issue of e-waste by making it safe, secure and convenient for people to recycle their unwanted mobile devices, tablets and MP3 players. ecoATM collected over three million devices as of August 2014, helping to keep toxic materials out of landfills while putting money back into consumers' pockets. The prestigious honor was given during the 38th Annual LBA Sol Business Awards Gala, held Oct. 22 in Los Angeles.
According to research firm Compass Intelligence, there will be an estimated 396 million idle or inactive mobile devices in the U.S. by the end of 2014--only about 80 million of which are expected to be recycled. The majority of consumer electronics contain toxic materials, such as lead, arsenic and other toxins that pose a threat to the environment and human health. Industry experts estimate that each year 15 pounds of e-waste is generated per person worldwide (source: The StEP Initiative report).
ecoATM has approximately 1,100[i] kiosks throughout the U.S. that have already led to the collection of more than three million devices. The collection of these three million devices has enabled the recovery or reuse of 879,000 pounds of devices, nearly enough plastics, metals and potentially toxic materials to equal the weight of two Boeing 747-400 series airplanes. In September, ecoATM, together with its parent company Outerwall, announced to the Clinton Global Initiative (CGI) that it expects to collect at least two million pounds of e-waste over the next three years, helping to further divert the rising tide of e-waste from landfills. CGI was established by President Bill Clinton to convene global leaders to create and implement innovative solutions to the world's most pressing challenges.
"As our newest corporate member to the association, ecoATM quickly impressed us – the company's commitment--and action--to reduce e-waste and keep millions of phones out of landfills is a momentous accomplishment," said Ruben Guerra, chairman of the Latin Business Association. "We are pleased that our constituents benefit from ecoATM, from both an environmental and monetary perspective. Latino businesses are the fastest growing in California and the LBA advocates for opportunities that set business owners at a higher class of competitiveness. ecoATM reflects our mission to advocate and support Latin owned businesses, and we are pleased to have them as our 2014 Green Business of the Year Award recipient."
"Our mission is to inspire mass consumer participation in e-waste recycling through an environmentally friendly business model that leverages technology to make it seamless and convenient," said Mark Bowles, co-founder of ecoATM. "We're rewarding consumers by putting cash into their hands and rewarding the environment by keeping devices out of landfills. We are proud to support the Latino community through our kiosk network while putting money back into wallets of Latino consumers and businesses alike to further stimulate the local economies where we are located."
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 on 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 all devices collected. For the remaining 25 percent, ecoATM partners with R2 certified e-waste reclamation facilities to ensure that those materials are responsibly reused and recycled.
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® 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 Responsible Recycling (R2) and ISO14001 certifications, 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 http://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 the Gala and the Latin Business Association
The Latin Business Association's Sol Business Awards Gala is the premiere annual black-tie event recognizing Latin Business Excellence and Achievement. The Gala involves the "who's-who" of the Latino entrepreneurial, corporate and political worlds. The Latin Business Association is proudly celebrating 38 years of serving the Latin- and small business communities. Since our inception in 1976, our mission has been to Build Economic Wealth and Opportunity for Latin- and minority-owned businesses and entrepreneurs. The LBA, often in partnership with other organizations, strives to support diverse business owners by providing events, programs and services that help them to grow their businesses and succeed.
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 release, 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 release. Outerwall undertakes no obligation to update the information provided herein.
[i] Kiosk number as of July 30, 2014