Overstock.com Announces Source Capital As Dealer-Manager For Rights Offering

SALT LAKE CITY, Nov. 03, 2016 (GLOBE NEWSWIRE) -- Overstock.com, Inc. (NASDAQ:OSTK) announced it has contracted with Source Capital Group, Inc. to act as dealer-manager for Overstock's previously announced rights offering.

The rights offering will allow Overstock shareholders to purchase shares of its preferred stock, including shares to be issued using the t0 (pronounced "tee-zero") blockchain technology. The blockchain shares will trade exclusively on a registered alternative trading system using the t0 blockchain technology. Overstock is doing the rights offering primarily to enable its majority-owned subsidiary, t0.com, Inc., to demonstrate the operation of its t0 issuance and trading platform. The rights offering will allow all Overstock stockholders the opportunity to participate.

t0 is named for its ability to use blockchain technology to reduce securities trade settlement times from trade date plus three days - termed T+3 - to same-day settlement, or T+0.

"Source Capital Group is an entrepreneurial registered broker dealer that allocates time and effort toward understanding truly innovative companies," said Source Capital's CEO and President David Harris. "We strive to be a best of breed banker for emerging growth companies with strong identifiable cutting edge niches.

"Ever since leaving Harris Upham, which my grandfather founded, I have focused my time, and our firm's energy on innovating and adapting to an ever-changing landscape," Harris continued. "When Harris Upham was founded, trade and settlement was T+5, eventually changing to T+3. It only makes sense that T+0 would be the next evolutionary step. We're excited to be a part of it."

Overstock intends to offer up to 1 million shares of its preferred stock, and will give shareholders the opportunity to subscribe for shares of its Blockchain Voting Series A Preferred. Stockholders will also have an opportunity to subscribe for an alternative series of its preferred stock which will be economically identical to the Blockchain Voting Series A Preferred but will trade in the over-the-counter market.

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