Overstock.com’s blockchain subsidiary, t0.com, Inc. (“tZERO”)
announced today its intent to provide advisory services to WENN
Digital in connection with its recently announced KODAKCoin
Security Token Offering. In addition, tZERO will advise on
secondary trading of the KODAKCoin.
The parties intend that the KODAKCoin will launch in Q1
2018. KODAKCoin will be the first third-party security token
to launch on the security token platform that tZERO is developing.
KODAKCoin will serve as the currency to power the recently
announced KODAKOne digital imagery platform. The parties intend to
follow the tZERO roadmap by offering a security token in accordance
with U.S. federal securities laws requirements with subsequent
trading to occur on the tZERO trading platform. tZERO will provide
end to end advisory services, technology implementation and trading
services for KODAKCoin. The suite of services offered by tZERO will
include encryption of accounts, price quoting, clearing and
reconciliation services, and anti-money laundering and
know-your-customer verification.
“tZERO’s vision in being able to develop and provide a
securities token platform that complies with U.S. federal
securities laws is key to the success of the KODAKCoin,” said Jan
Denecke, Co-Founder of the KODAKOne platform and KODAKCoin. “The
KODAKCoin offering is centered around providing photographers
security and peace of mind, and the tZERO platform allows us to
provide that same security to our token holders as well.”
Last week, Kodak and WENN Digital announced their brand
licensing partnership for the KODAKOne platform and KODAKCoin
cryptocurrency. Utilizing blockchain technology, the KODAKOne
platform is an encrypted, digital ledger of rights ownership for
photographers to register both new and archived work that they can
then license within the platform. With KODAKCoin, participating
photographers are invited to take part in a new economy for
photography, receive payment for licensing their work immediately
upon sale, receive a share of overall platform revenue, and for
both professional and amateur photographers, sell their work
confidently on a secure blockchain platform.
“The Crypto Revolution is upon us and to have KODAKCoin on the
tZERO platform is a tremendous stepping stone in continuing the
mainstream adoption of what, I would assert, may prove to be the
most powerful innovation in history. As U.S. regulators seek
securities-law compliant applications for companies issuing
security tokens, the issuance and trading of KODAKCoin in
compliance with securities laws will empower entrepreneurs and
protect photographers’ property and licensing rights, while
achieving another critical step in defining a new wave of digital
capital formation. We welcome the KODAKCoin into the tZERO family
and look forward to working with this iconic brand,” said tZERO CEO
Patrick Byrne.
The KODAKCoin security token offering will open on January 31,
2018 and will be open to accredited investors from the U.S., U.K.
and Canada. For more information, visit www.kodakcoin.com. This
security token offering is being conducted pursuant to an exemption
from the registration requirements of the U.S. Securities Act of
1933, as amended, in accordance with Rule 506(c) of Regulation
D.
About KODAKCoin
KODAKCoin is the currency for KODAKOne, an Image Rights
Management Platform created in partnership with Eastman Kodak
(KODK:NYSE) and WENN Digital Inc. Eastman Kodak is a technology
company focused on imaging providing – directly and through
partnerships with other innovative companies – hardware, software,
consumables and services to customers in graphic arts, commercial
print, publishing, packaging, entertainment and commercial films,
and consumer products markets. WENN Digital is an experienced
development and operations team with deep expertise in proprietary
blockchain development, big data, copyright law, AI-enabled image
recognition and post licensing monetization systems. Further, WENN
Digital leverages the market position of its 30-year old subsidiary
WENN Media, one of the world’s largest entertainment news wire
services which works with virtually all the major media outlets and
approximately 2500 professional photographers world wide.
For additional information please visit www.kodakcoin.com.
About WENN Digital
WENN Digital is an experienced development and operations team
with deep expertise in proprietary blockchain development, big
data, copyright law, AI-enabled image recognition and post
licensing monetization systems. Further, WENN Digital leverages the
market position of its 30-year old subsidiary WENN Media, one of
the world’s largest entertainment news wire services which works
with virtually all the major media outlets and approximately 2500
professional photographers world wide. KODAKCoin is the currency
for KODAKOne, an Image Rights Management Platform created by WENN
Digital under a brand licensing partnership with Eastman Kodak
Company (KODK:NYSE). Kodak is a technology company focused on
imaging providing – directly and through partnerships with other
innovative companies – hardware, software, consumables and services
to customers in graphic arts, commercial print, publishing,
packaging, entertainment and commercial films, and consumer
products markets.
About tZERO
t0.com, Inc. (“tZERO“) is a majority owned subsidiary of
Overstock.com, focusing on the development and commercialization of
financial technology (FinTech) based on cryptographically-secured,
decentralized ledgers – more commonly known as blockchain
technologies. Since its inception, tZERO has pioneered the effort
to bring greater efficiency and transparency to capital markets
through the integration of blockchain technology. On December 18,
2017, tZERO opened its global $250 million USD Initial Coin
Offering (ICO) to accredited investors.
Forward-Looking Statements
This press release contains forward-looking statements relating
to the issuance and trading of the KODAKCoin and the development
and operation of the tZERO security token trading platform.
Forward-looking statements can often be identified by words such as
“anticipate,” “may,” “believe,” “could,” “should,” “when,”
“estimate,” “expect,” “intend,” “plan,” “predict,” “potential,”
“forecasts,” “project,” and other similar expressions. Any
statement other than a statement of a historical fact should be
understood to be a forward-looking statement. Forward-looking
statements are made based upon current expectations and beliefs
concerning future developments and their potential effects. Such
forward-looking statements are not guarantees of future
performance. Several important factors could affect actual results
and could cause such results to differ materially from expectations
reflected in such forward-looking statements. Such factors include,
without limitation:
- Legal and regulatory developments and
the application of laws and regulations to the KODAKCoin and the
tZERO trading platform;
- Technological difficulties that impede
the issuance of the KODAKCoin and/or the successful development and
launch of the tZERO security token trading platform;
- Failure to secure requisite regulatory
approvals; and
- Malicious cyberattacks or data
protection failures.
All forward-looking statements in this press release speak only
as of the date hereof. WENN Digital and tZERO expressly disclaim
any obligation or undertaking to disseminate any updates or
revisions to any forward-looking statement contained herein to
reflect any change in its expectation with regard thereto or any
change in events, conditions, or circumstances on which any such
statement is based.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180116006759/en/
WENN DigitalArian Hopkins, 450-218-9111ortZEROAlex
Sotiropoulos,
212-754-5615asotiropoulos@intermarket.comorWachsmanJesse Platz,
347-751-5513jesse@wachsman.com
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