Company Also Announces $110.6 million in Signed SAFEs and
$96.3 Million Cash Raised in Preferred Equity Security Token
Offering as of May 14, 2018
Due to Significant International Interest, tZERO is Extending
the Subsequent Sale Period Through June 29, 2018
Overstock.com (NASDAQ:OSTK) subsidiary t0.com, Inc. (tZERO)
today announced that Bruce Fenton, distinguished blockchain
pioneer, will join the tZERO Board of Directors. In addition, due
to significant international interest in the offering as a result
of an Asia roadshow, tZERO announced the extension of the
Subsequent Sale Period for its tZERO Preferred Equity Token (tZERO
Security Token) Offering (STO). Pursuant to the extension, the
Subsequent Sale Period is now expected to run through, and
including, June 29, 2018, which is the new “Expiration Date.”
Patrick M. Byrne, Executive Chairman of tZERO, said: “Over the
course of the tZERO Security Token Offering, late stage interest
especially from overseas investors and trading platforms in the
projects that tZERO is undertaking has grown significantly. In
addition, we have not waited for the offering to be over to scale
up the firm in a way to prepare it for its future. Today, we added
cryptoroyalty Bruce Fenton to our Board of Directors. Along with
the continuing service of SpeedRoute founder and director Joseph
Cammarata, the tZERO board of directors combines the highest levels
of blockchain expertise and capital markets expertise. Also, last
week we announced the move of Saum Noursalehi to CEO with me
staying just as committed as Executive Chairman. I gave extensive
reasons then, but they amount to Saum being the most agile,
entrepreneurial technologist that I have ever met. In its four year
blockchain history, Medici Ventures has accumulated some
outstanding senior blockchain engineer talent with which tZERO’s
fine engineering staff is being beefed up. In short, the Mothership
(Overstock and Medici) are scaling up this company ahead of the
capital raise’s completion.”
Byrne continued, “However, between the recent arrival of
interest from overseas trading platforms and other investors
considering purchasing tZERO Security Tokens in our offering, and
the significant evolution that has occurred within the firm (e.g.,
acquisitions and additions to management) since the inception of
the STO, we believe that the best thing to do is to extend the
Subsequent Sale Period to accommodate the administrative needs of
late arrivals. We will also offer a brief period for withdrawals if
existing investors so desire.”
tZERO intends to release a new supplement to the Amended,
Supplemented and Restated Private Placement Offering Memorandum
dated March 1, 2018 (New Supplement). The New Supplement will
contain important information for investors in the tZERO Security
Token Offering, including the availability of a Withdrawal Period
that will be made available to all investors. The Withdrawal Period
will open upon release of the New Supplement and end at 5 pm EDT on
the fifth business day thereafter. tZERO intends to hold an
investor call shortly after the release of the New Supplement to
provide information and to answer investor questions relating to
the tZERO Security Token Offering.
As of May 12, 2018, tZERO has raised $110.6 million pursuant to
Simple Agreements for Future Equity (SAFEs), with $96.3 million in
funds received.
During the Subsequent Sale Period, tZERO Security Tokens are
being sold at a price of $10.00 per tZERO Security Token, subject
to discretionary discounts. All rights to acquire tZERO Security
Tokens are sold pursuant to SAFEs, which may be accessed
electronically via RenGen Labs, formerly known as
SaftLaunch.com or StartEngine.com.
tZERO’s CEO, Saum Noursalehi, said, “We are excited about the
reception we’ve received from the community during our Subsequent
Sale Period. We would like to thank our partners StartEngine and
SaftLaunch that are facilitating timely and efficient interactions
with investors. To maximize the opportunity for investor
participation, we have decided to extend the tZERO Security Token
Offering until June 29, 2018.”
Patrick Byrne added, “I want to thank our current and future
tZERO SAFE holders, who have invested in the tZERO Security Token
Offering. There are a lot of kinks that we have had to work out as
we pioneer a new way securities offerings can be accomplished. We
are changing an industry here: disruption takes time.”
“I want to thank former tZERO board member Raj Karkara for his
service and contribution to tZERO’s accomplishments,” concluded
Byrne.
The Subsequent Sale Period and the Expiration Date may be
further extended or shortened in the Company’s sole discretion.
About Bruce Fenton:
Bruce Fenton is an experienced economic advisor and an active
member of the blockchain industry. He is the founder of Atlantic
Financial, the former Executive Director and a current board member
of the Bitcoin Foundation, a co-founder of the Bitcoin Association,
and the organizer of the first Dubai Bitcoin Conference. He is also
the host and founder of the Satoshi Roundtable retreat, an
exclusive, invitation-only retreat for leaders in the blockchain
industry. Currently, Mr. Fenton is serving as Managing Director of
Atlantic Financial which, in 1994, became the first full-service
investment firm on the internet. Prior to Atlantic Financial, he
was with Morgan Stanley and specialized in emerging technologies
and emerging markets. Mr. Fenton is a member of the board of
directors of Medici Ventures, Inc., a global leader in advancing
blockchain technology and the immediate parent company of
tZERO.
About Overstock.com:
Overstock.com, Inc. Common Shares (NASDAQ:OSTK) / Series A
Preferred (Medici Ventures’ tZERO platform: OSTKP) / Series B
Preferred (OTCQX:OSTBP) is an online retailer based in Salt Lake
City, Utah that sells a broad range of products at low prices,
including furniture, décor, rugs, bedding, and home improvement. In
addition to home goods, Overstock.com offers a variety of products
including jewelry, electronics, apparel, and more, as well as a
marketplace providing customers access to hundreds of thousands of
products from third-party sellers. Additional stores include Pet
Adoptions and Worldstock.com dedicated to selling artisan-crafted
products from around the world. Forbes ranked Overstock in its list
of the Top 100 Most Trustworthy Companies in 2014. Overstock
regularly posts information about the company and other related
matters under Investor Relations on its website,
http://www.overstock.com.
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.
Forward-Looking Statements
This Press Release contains forward-looking statements,
including statements relating to tZERO’s business, the success of
the ongoing tZERO Security Token offering and the regulatory
compliance of the tZERO Security Token offering. Other statements
in this press release that include words such as “anticipate,”
“may,” “believe,” “could,” “should,” “estimate,” “expect,”
“intend,” “plan,” “predict,” “potential,” “forecasts,” “project,”
and other similar expressions, also are forward-looking statements.
Forward-looking statements are made based upon management’s current
expectations and beliefs concerning future developments and their
potential effects on tZERO. Such forward-looking statements are not
guarantees of future performance. Various factors could affect
tZERO’s actual results and could cause such results to differ
materially from estimates or expectations reflected in
forward-looking statements, including factors relating to legal and
regulatory developments, applications and/or interpretations of
existing legal and regulatory requirements, technological
developments and/or difficulties, general economic conditions,
conditions in the capital markets and cryptocurrency markets,
changes in investor confidence regarding tZERO’s ability to
successfully operate its business and develop a trading system for
securities tokens, limitations on the tZERO Security Token,
including transfer restriction, and other important factors. tZERO
expressly disclaims 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.
This press release is neither an offer to sell, nor a
solicitation of an offer to buy, any securities, nor shall there be
any sale of any securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful. The tZERO Security Tokens
are being offered only pursuant to the Amended, Supplemented and
Restated Private Placement Offering Memorandum dated March 1, 2018,
as will be further supplemented by the New Supplement.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180514006441/en/
Media:For tZEROAlexandra Sotiropoulos,
+1-212-754-5615asotiropoulos@intermarket.com
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