Overstock.com, Inc. (NASDAQ:OSTK) and its subsidiary tZERO
Group, Inc., the global leader in blockchain innovation for capital
markets, announced today that Hong Kong-based private equity firm
GSR Capital has retained tZERO to develop a smart contract token
that will be utilized for an upcoming sale of cobalt. Subject to
compliance with applicable regulatory requirements, the sale is
expected to offer recurring tranches of electric vehicle (EV)
battery-grade cobalt, with up to $200 million of the material
projected to be available for sale in 2019, with more planned for
2020.
tZERO and GSR Capital intend to build an ecosystem in Asia for
tokenized commodity purchase contracts that would simplify the
process of identifying, purchasing and tracking the supply of rare
minerals. The companies also envision adding a security token
trading platform in the region, subject to compliance with
applicable regulatory requirements.
To accommodate an additional key partner in that project, the
companies will be extending the deadline to finalize their
previously-announced equity investment until Feb. 28, 2019. More
information on the previously announced equity transaction can be
found in a letter to investors in the Form 8-K filed by Overstock
on December 17, 2018, which can be found on the company’s Investor
Relations page.
“GSR Capital and our partners are pushing forward with our plans
to create a first-of-its-kind cobalt offering in 2019,” said GSR
Capital’s Chairman and Founder, Sonny Wu. “We are proud to partner
with tZERO for this token offering and believe that their
leadership in this space will benefit our shared global outreach.
GSR and our partner will be doing more than just cobalt
tokenization, and we see further growth in our partnership with
tZERO including consummating an investment directly by next
quarter.”
“We are excited to work with GSR and their partner on this
innovative cobalt token offering,” said Overstock CEO and tZERO
Executive Chairman, Patrick M. Byrne. “Smart contract automation of
these transactions will significantly reduce overall costs while
effectively improving transparency in rare earth metals purchases
throughout the supply chain process. We look forward to bringing
the future of commodities purchasing to the global
marketplace.”
Overstock will hold an informational webcast for its
shareholders on December 17, 2018 from 2:30 PM (MT) to 3:00 PM
(MT). The event will include discussion and Q&A with members of
the company’s executive leadership team regarding recent
developments with GSR Capital. Interested shareholders are invited
to send their written questions to Overstock’s Investor Relations
team at IR@Overstock.com before the webcast.
Webcast Information
To access the live webcast, please visit the Events &
Presentations tab on the company’s Investor Relations website,
http://investors.overstock.com. To listen to the conference call
via telephone, dial (877) 673-5346 and enter the audience passcode
1682898 when prompted. Participants outside the U.S. or Canada who
do not have Internet access should dial +1 (724) 498-4326 and enter
the audience passcode provided above.
Media Contacts:Overstock:Public
Relations+1-801-947-3564pr@overstock.com
tZERO:Alexandra Sotiropoulos,
+1-212-754-5615asotiropoulos@intermarket.com
Investor Contact:ir@overstock.com
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. It’s leading e-commerce
website sells a broad range of new products at low prices,
including furniture, décor, rugs, bedding, home improvement,
jewelry, 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.
About tZERO
tZERO Group, 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.
About GSR Capital
GSR was founded in 2004 by Sonny Wu and Richard
Lim. Today, “GSR Ventures”, “GSR United Capital” and “GSR Capital”
are three independent yet complementary teams set up by the
partners in 2016 with the aim of sector leadership and going global
with unique investment strategies and resources. GSR
Capital has offices in Beijing, Hong Kong and
the USA.
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. Such
forward-looking statements include all statements other than
statements of historical fact. 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 in other reports or
documents the Company files with, or furnishes to, the SEC from
time to time.
This press release is not an offer to sell or a solicitation of
an offer to buy any of the security or commodity tokens or any
other securities or other assets referred to herein. An offering of
any such securities or assets, if made, would only be conducted
solely by means of separate materials and only to such persons and
in such jurisdictions as is permitted under applicable law, and
otherwise in accordance with applicable law.
SOURCE: Overstock.com, Inc.
Overstock com (NASDAQ:OSTK)
Historical Stock Chart
From Aug 2024 to Sep 2024
Overstock com (NASDAQ:OSTK)
Historical Stock Chart
From Sep 2023 to Sep 2024