($OSTK) News: tZERO Announces Launch Date and Initial Terms for its Proposed Token Sale
NEW YORK - November 16, 2017 (Investorideas.com Newswire) tZERO announced that the company's token sale, utilizing a Simple Agreement for Future Tokens (or SAFT), will begin on December 18, 2017.
tZERO confirmed that tokens will provide investors the following unique token characteristics:
- Revenue participation in the form of a distribution, which will be a percentage of tZERO's revenue; and
- Utility to pay for fees and/or services within the tZERO eco-system.
"The interest in the proposed tZERO token sale has been overwhelming, and we have been working with our advisors to create the most unique and innovative token," said Joseph Cammarata, President of tZERO.
"tZERO enabled Overstock.com (NASDAQ: OSTK) to make history with the first ever public issuance of a digital security," said Ralph A. Daiuto, Jr., Chief Operating Officer of tZERO. "tZERO has been at the forefront of blockchain technology and is going to be a leader in the trading of digital tokens."
The definitive terms and characteristics of the tZERO tokens will be set forth in an Offering Memorandum.
For payment instructions and information on how to participate in the tZERO token sale prospective investors should visit www.saftlaunch.com and follow the prospective investor verification instructions.
Please Note: tZERO investments are valid if made only through www.saftlaunch.com and no other channel. tZERO will NEVER distribute any contribution or payment instructions, including crypto currency wallet addresses, via email, chat, or any website other than through www.saftlaunch.com, and such payment instructions will only be available on or after December 18, 2017.
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.
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.
FORWARD LOOKING STATEMENTS
Certain statements and information in this communication may be deemed to be "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, statements regarding the completion and timing of the SAFT sale and security token offering and our planned use of any proceeds of such sale and offering, and all statements (other than statements of historical facts) that address activities, events or developments that the Company intends, expect, project, believe or anticipate will or may occur in the future. These statements are often characterized by terminology such as "believe," "hope," "may," "anticipate," "should," "intend," "plan," "will," "expect," "estimate," "project," "positioned," "strategy" and similar expressions, and are based on assumptions and assessments of the Company's management as of the date hereof. The Company undertakes no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance. Whether actual results will conform to expectations and predictions is subject to a variety of known and unknown risks and uncertainties, including the timing of the Joint Venture's ATS going live, the timing of any required regulatory approvals and the terms and timing of the SAFT sale and security token offering.
This press release is neither an offer to sell nor the solicitation of an offer to buy the SAFT or the security token or any other securities, and no offer, solicitation or sale will be made in any jurisdiction in which, or to any persons to whom, such an offer, solicitation or sale is unlawful. The securities described herein have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.
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