USA: New partners fuel Meals.com growth
Meals.com, a majority owned subsidiary of Coinstar Inc. (Nasdaq:CSTR - news), today announced it has signed contracts from consumer packaged goods manufacturers and on-line partners totaling approximately $1 million. The company expects to recognize these revenues over the next five quarters. Meals.com is an infrastructure provider that helps supermarket retailers and packaged goods manufacturers communicate directly to consumers through on-line and in-store technologies. "These orders represent tremendous growth for a company that generated revenue of about $50,000 for the first six months of 2000," said Jens Molbak, CEO of Meals.com. "Meals.com now has relationships with many of the top consumer packaged goods manufacturers. Our business is growing through increased consumer usage, manufacturer advertising, and retailers joining the Meals.com network." "Our partners recognize Meals.com is more than just a great advertising medium," said Peter Barbaresi, executive vice president of sales for Meals.com. "We're also an infrastructure provider that can build, power, and enhance existing Web sites to more effectively position and promote products to consumers in the context of their meal planning and shopping decisions. We've made the investment in technology and have developed the functionality that manufacturers and retailers want on their sites. Partnering with Meals.com saves them development costs and gives them a leading-edge presence on-line." Private label supermarket Web sites that are powered by Meals.com's meal planning tools and recipe content include
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