Overstock.com Offers Additional Direction Regarding Participation In Series A Preferred Share Offering

SALT LAKE CITY, Dec. 01, 2016 (GLOBE NEWSWIRE) -- With the subscription deadline for participating in its historic blockchain share rights offering approaching, Overstock.com, Inc. (NASDAQ:OSTK) offered guidance intended to help rightholders and broker-dealers successfully participate in the process and fairly subscribe to purchase the Series A Preferred shares.

"We're engineering an entirely new approach to finance, and as such, a steep learning curve among broker-dealers is not surprising," said Overstock CEO Patrick M. Byrne. "We're working with all the involved players and are confident that with just a little patience, individuals on both ends of this transaction can navigate it successfully."

Byrne's comments stem from reports that Overstock shareholders wanting to exercise their right to participate in the issuance of blockchain-traded Series A Preferred shares are finding their own broker-dealers are only now becoming educated on how to assist them with the subscription process.

According to Byrne, beneficial holders must first complete their election for Series A Preferred shares through their broker and fund this subscription election. The broker then must enter the election on DTC's ASOP/ATOP platform and fund the election at the individual beneficial holder level. The broker then provides the VOI# from the DTC system and the eligible basic rights to each beneficial holder, directing them to www.mydigitalshares.com to complete their election and open a brokerage account with Keystone Capital. The broker will also be required to provide the same information to transfer agent, Computershare. 

"If that doesn't produce a satisfactory result, contact our information agent, Georgeson, and it will provide additional assistance," Byrne added.

Georgeson can be reached by email at Overstock@Georgeson.com or by phone at 866-432-2791.

This stock offering is unique in that it is the first ever to utilize distributed ledger technology. As the foundation for cryptocurrencies such as bitcoin, distributed ledgers permit near real time trade settlement and significant reductions in transaction costs. Overstock's own financial technology subsidiary, t0, developed the platform on which trading will occur.

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