Agreement Designed to Leverage Digital Imaging
Technology and Services Leadership of Both Companies
WOONSOCKET, R.I., June 22 /PRNewswire-FirstCall/ -- CVS/pharmacy
(NYSE: CVS) and Nokia (NYSE: NOK) announced today that they have entered into
a 2004 exclusive marketing agreement for the cross-promotion of Nokia's
camera-equipped mobile phones and CVS' in-store camera phone printing
technology in a variety of marketing and advertising programs.
As part of the agreement, the first of its kind in the retail industry,
CVS and Nokia have launched a co-branded Website at
http://www.cvsandnokia.com. The site offers Nokia camera and video phones to
CVS customers, who are eligible for rebate coupons up to $150 on Nokia phone
purchases.
The CVS/Nokia agreement marks CVS' latest move to solidify its position as
the national retail leader in digital photo processing. The company is
currently the only national retailer to offer consumers the ability to print
photos from their camera phones, and was the first national retailer to offer
chainwide in-store digital photo printing.
"Being the first retailer to offer wireless camera phone printing using
InfraRed or Bluetooth led us to work with Nokia, a company that is devoted to
being at the leading edge of mobile imaging technology," explained Grant Pill,
Category Manager of Photo Processing at CVS/pharmacy. "Camera phones are the
next generation of digital photography and CVS is committed to ensuring its
customers have an easy way to take part in this revolution."
"Taking pictures with a camera phone is just the beginning. As more people
begin sending, sharing and printing the images that they capture, working with
other imaging leaders, like CVS, becomes increasingly important," said Nigel
Rundstrom, Vice President of Multimedia Sales and Channel Development for
Nokia. "Nokia looks forward to our continuing relationship with CVS as we work
together to create easier and more convenient ways for our customers to print
and share their memories."
Nokia is the largest maker of image capture devices in the world and will
soon offer one megapixel camera phones in the United States, representing a
breakthrough in the overall quality of photos printed from camera phones.
As part of the agreement, CVS and Nokia have launched a joint print
advertising campaign in leading retailing and photo trade magazines. Nokia
camera phone promotions are also featured in CVS' Sunday newspaper circular,
which reaches over 35 million households.
In the future, Nokia will also provide test phones to many CVS locations,
giving customers the opportunity to snap and print trial camera phone photos
and receive information on purchasing Nokia phones.
Last year, camera phones outsold conventional digital cameras for the
first time and in 2004, camera phone sales in America are expected to outsell
conventional digital cameras by 3-1. In 2005, an estimated 70 billion digital
images will be captured and over 60 billion of these images will be captured
by camera phones (Source: The Future Image Mobile Imaging Report.).
About CVS/pharmacy
With over 40 years of dynamic growth in the retail pharmacy industry, CVS
is committed to being the easiest pharmacy retailer for customers to use.
With 4,197 stores in 32 states and the District of Columbia, CVS has created
innovative approaches to serve the healthcare needs of all its customers
through its online pharmacy, CVS.com, and its pharmacy benefit management and
specialty pharmacy subsidiary, PharmaCare Management Services.
On April 5, 2004, the Company entered into a definitive agreement under
which it will acquire 1,260 Eckerd drug stores, located mainly in the southern
United States, in addition to Eckerd Health Services, which includes Eckerd's
mail order and pharmacy benefit management businesses. The transaction is
subject to review under the Hart-Scott Rodino Act as well as other customary
closing conditions, and is expected to close in July of 2004. General
information about CVS is available through the Investor Relations portion of
the Company's website, at http://investor.cvs.com.
About Nokia
Nokia is the world leader in mobile communications, driving the growth and
sustainability of the broader mobility industry. Nokia is dedicated to
enhancing people's lives and productivity by providing easy-to-use and secure
products like mobile phones, and solutions for imaging, games, media, mobile
network operators and businesses. Nokia is a broadly held company with
listings on five major exchanges.
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SOURCE CVS/pharmacy
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Related links:
http://www.cvs.com
CONTACT:
Todd Andrews, Director of Corporate
Communications of CVS Corporation, +1-401- 770-5717
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