Overstock.com (NASDAQ:OSTK), its subsidiary tZERO and Siebert
Financial Corp. (NASDAQ:SIEB) have signed a letter of intent to
enter into a partnership to offer deeply discounted online trading
in Q1, 2018, when the transaction is slated to close. Under terms
of the agreement, any investor in America who accesses the Muriel
Siebert & Co. Inc. portal at Overstock would be able to conduct
online trading of US equities for $2.99 per trade through the
platform. In addition, Overstock plans to introduce a new tier to
its Club O loyalty and membership rewards program to offer that
elite membership level the opportunity for online trading at an
even deeper discount of $1.99 per trade.
Overstock and Siebert Financial Corp. intend to deliver
institutional quality financial services to clients, enhancing the
mutual benefits of this paradigm-changing partnership. New
customers subscribing to the discount brokerage suite of products
would be offered best-in-class services including Smart Order and
Routing and Execution services by tZERO’s broker-dealer Speedroute,
a FINRA firm, and Clearing Services through StockCross Financial
Services, a FINRA firm and affiliate of Siebert Financial Corp.
For years, millions of consumers have trusted Overstock with
home, and more recently, auto purchases. Overstock currently
delivers world-class service and award-winning customer experiences
to over 30 million shoppers per month, as evidenced by its 2017
Loyalty360 Customer Award in Operational Excellence and its six
consecutive Mobile Web Awards for its shopping apps.
Siebert Financial Corp. was founded in 1967 by Muriel Siebert,
the first woman to own a seat on the New York Stock Exchange and
the first to head one of its member firms, Muriel Siebert &
Co., Inc. Ms. Siebert was also a pioneer by transforming her firm
into a discount brokerage in 1975 on the first day NYSE members
were allowed to negotiate commissions.
Of the newly announced intended deal, Overstock CEO Patrick M.
Byrne said, “There are multiple complementary facets of the two
companies’ trading ecosystems and today they align perfectly to
deliver unmatched value to investors. Mickie Siebert showed that
women can make it big on Wall Street, and women have always been an
important part of Overstock’s success too, so there is a
correlation in our pioneering traditions. Just last week, Overstock
and its subsidiary, Medici Ventures, signed the Parity Pledge
vowing to empower women into leadership positions. With a
significant majority of Overstock’s loyal base being women, it is
our distinct honor to partner with a legendary woman-owned firm led
by Gloria E. Gebbia. Mrs. Gebbia exemplifies all that is great
about the advancement of women in leadership and we are honored to
deliver the lowest pricing to our growing user base with such a
trusted and iconic partner.”
Gloria E. Gebbia, majority shareholder and board member of
Siebert Financial said, "We are pleased to partner with Overstock
and its founder Dr. Patrick Byrne, who has been a visionary leader
in e-commerce. We continue to uphold the enduring vision and legacy
of founder Mickie Siebert with our focus on integrity and the
safety of investments, as there is no substitute for understanding
the cares and concerns of our clients. Together our efforts will be
directed towards delivering quality products and services designed
to serve the financial needs of our clients, which will always be
our top priority."
While maintaining the industry’s deepest discounts for online
trading, this partnership plans to introduce the rollout of new
products and services such as Blockchain Trading, Crypto Products,
and Robo Advisory, along with Free IRA products.
Media Contacts:For Overstock, tZERO and
Medici Ventures:Alexandra Sotiropoulos+1
212-754-5615 asotiropoulos@intermarket.com
For Siebert Financial Corp.: LHK
Communications, LLC Laura Hynes-Keller, +1-212-758-8602
laurahk@lhkcommunications.com
About Overstock.com
Overstock.com, Inc. Common Shares (NASDAQ:OSTK) / Series A
Preferred (Medici Ventures’ t0 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
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 Siebert Financial Corp.
Siebert Financial is a holding company that conducts its retail
discount brokerage business through its wholly-owned subsidiary,
Muriel Siebert & Co., Inc. The firm became a member of the NYSE
in 1967, when Ms. Siebert became the first woman to own a seat on
the Exchange. In addition, in 2014 the Company began business as a
registered investment advisor through a wholly-owned subsidiary,
Siebert Investment Advisors, Inc. Siebert Financial, based on Wall
Street in New York City, serves clients through its branch offices
located nationwide and globally online. www.siebertnet.com
Cautionary note regarding forward-looking statements
Statements in this press release that are not statements of
historical or current fact constitute “forward looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward looking statements involve risks and
uncertainties and known and unknown factors that could cause the
actual results of the Siebert Financial Corp. (the “Company”) to be
materially different from historical results or from any future
results expressed or implied by such forward looking statements,
including without limitation: changes in general economic and
market conditions; changes and prospects for changes in interest
rates; fluctuations in volume and prices of securities; changes in
demand for brokerage services; competition within and without the
brokerage business, including the offer of broader services;
competition from electronic discount brokerage firms offering
greater discounts on commissions than the Company; the prevalence
of a flat fee environment; limited trading opportunities; the
method of placing trades by the Company’s customers; computer and
telephone system failures; the level of spending by the Company on
advertising and promotion; trading errors and the possibility of
losses from customer non-payment of amounts due; other increases in
expenses and changes in net capital or other regulatory
requirements. As a result of these and other factors, the
Company may experience material fluctuations in its operating
results on a quarterly or annual basis, which could materially and
adversely affect its business, financial condition, operating
results, and stock price, as well as other risks detailed in the
Company’s filings with the Securities and Exchange Commission
(“SEC”). Accordingly, investors are cautioned not to place
undue reliance on any such “forward-looking statements.” The
Company undertakes no obligation to update the information
contained herein or to publicly announce the result of any
revisions to such “forward-looking statements” to reflect future
events or developments. An investment in the Company involves
various risks, including those mentioned above and those, which are
detailed from time to time in the Company’s SEC filings, copies of
which may be obtained from the Company or through the SEC’s
website.
Notice to Investors
This communication is provided for informational purposes only
and is neither an offer to sell nor a solicitation of an offer to
buy any securities in the United States or elsewhere.
About Stockcross Financial Services, Inc.
StockCross Financial Services, Inc. is one of the largest
privately-owned brokerage firms in the nation. Established in 1971,
it has spent many years providing financial guidance and excellent
customer service to its clients. Branch offices are located
throughout the nation and are staffed with knowledgeable and
experienced representatives. Online investment services and phone
support offer clients around the world instant and current
information on their accounts. StockCross consistently delivers on
its full scope of offerings including fixed-income products, online
or broker-assisted equity trading, ESOS/ESOP programs across the
globe through advanced online trading capabilities, and is a
self-clearing firm specializing in fixed income securities,
outstanding customer service, and client investment choices.
StockCross is headquartered in Beverly Hills. Member FINRA | SIPC |
EST. 1971
Specialties
Online Trading, Corporate Services, Fixed Income, Equities,
Institutional Trading, Capital Commitment and Market Making, Retail
Investment Services.
About Medici Ventures
Launched in 2014, Medici Ventures is a wholly owned subsidiary
of Overstock.com, Inc., created to leverage blockchain technology
to solve real-world problems with transparent, efficient and secure
solutions. Medici Ventures has a growing portfolio of
groundbreaking blockchain-focused investments, including t0.com,
Peernova, Bitt, SettleMint, Factom, and IdentityMind, Spera and
Symbiont. The company’s majority-owned financial technology
company, t0.com, executed the world’s first blockchain-based stock
offering in December 2016.
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. More information
is available at tZERO.com.
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