Overstock Issues Statement Regarding Proposed tZERO Equity Investment
March 01 2019 - 9:00AM
MOU signed to build strong partnership in
Asia
Overstock.com, Inc. (NASDAQ:OSTK) has released the following
statement from company CEO and founder and tZERO Executive Chairman
Patrick M. Byrne on the status of an equity investment from GSR
Capital and Makara Capital:
The previously-announced GSR equity investment in Overstock and
tZERO has not been completed. However, we remain in discussions
with GSR Capital and Makara Capital, a key partner of GSR Capital,
regarding a potential transaction. Both have recently signed an MOU
with tZERO outlining a transaction in which Makara and GSR would
co-lead an investment of up to $100 million in tZERO common stock
and close the transaction in April subject to due diligence,
negotiation of binding contracts and regulatory approval. The
investors would also assist with tZERO’s expansion in Asia and
other regions of the world and link them with other key partners
from their portfolios.
Following the recent successful launch of tZERO’s new security
token trading technology, we are excited by the emerging
partnerships and business opportunities in front of us. More
information on Overstock’s retail and blockchain properties will be
shared within our upcoming 2018 FY Earnings reporting. I urge you
to join us for that discussion of our business at a time and date
to be announced soon. Until then, I remain,
Your humble servant, Patrick M. Byrne
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 and technology
company based in Salt Lake City, Utah. Its leading e-commerce
website sells a broad range of new products at low prices,
including furniture, décor, rugs, bedding, home improvement, and
more. The online shopping site, which is visited by nearly 40
million customers a month, also features a marketplace providing
customers access to millions of products from third-party sellers.
Overstock was the first major retailer to accept cryptocurrency in
2014, and in the same year founded Medici Ventures, its
wholly-owned subsidiary developing and accelerating blockchain
technologies to democratize capital, eliminate middlemen, and
re-humanize commerce. Overstock regularly posts information about
the company and other related matters on the Newsroom and Investor
Relations pages on its website, Overstock.com.
O, Overstock.com, O.com, Club O, Main Street
Revolution, and Worldstock are registered trademarks of
Overstock.com, Inc. O.biz and Space Shift are also
trademarks of Overstock.com, Inc. Other service marks, trademarks
and trade names which may be referred to herein are the
property of their respective owners.
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, including
statements relating to tZERO’s business. Such forward-looking
statements include all statements other than statements of
historical fact, including words such as “anticipate,” “may,”
“believe,” “could,” “should,” “estimate,” “expect,” “intend,”
“plan,” “predict,” “potential,” “forecasts,” “project,” and other
similar expressions. 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 security tokens, 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. Additional information regarding
factors that could materially affect results and the accuracy of
the forward-looking statements contained herein may be found in the
Company's Form 10-Q for the quarter ended September 30, 2018, which
was filed with the SEC on November 9, 2018, and any subsequent
filings with the SEC.
tZERO is not a registered broker-dealer, funding portal,
investment adviser or investment manager and does not provide any
brokerage services. tZERO takes no part in the negotiation or
execution of secondary market transactions for the purchase or sale
of securities and at no time has possession of investor funds or
securities in connection with such transactions. Secondary
market trades will be executed by PRO Securities, LLC, a
broker-dealer registered with the SEC and a member of FINRA and
SIPC, through the PRO ATS. More information about PRO
Securities may be found at www.finra.org.
Media Contact:pr@overstock.com
Investor Contact:ir@overstock.com
SOURCE: Overstock.com, Inc.
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