tZERO Announces Addition of Bruce Fenton to tZERO Board of Directors
NEW YORK--(BUSINESS WIRE)--May 14, 2018--Overstock.com (NASDAQ:OSTK) subsidiary t0.com, Inc. (tZERO) today announced that Bruce Fenton, distinguished blockchain pioneer, will join the tZERO Board of Directors. In addition, due to significant international interest in the offering as a result of an Asia roadshow, tZERO announced the extension of the Subsequent Sale Period for its tZERO Preferred Equity Token (tZERO Security Token) Offering (STO). Pursuant to the extension, the Subsequent Sale Period is now expected to run through, and including, June 29, 2018, which is the new “Expiration Date.”
Patrick M. Byrne, Executive Chairman of tZERO, said: “Over the course of the tZERO Security Token Offering, late stage interest especially from overseas investors and trading platforms in the projects that tZERO is undertaking has grown significantly. In addition, we have not waited for the offering to be over to scale up the firm in a way to prepare it for its future. Today, we added cryptoroyalty Bruce Fenton to our Board of Directors. Along with the continuing service of SpeedRoute founder and director Joseph Cammarata, the tZERO board of directors combines the highest levels of blockchain expertise and capital markets expertise. Also, last week we announced the move of Saum Noursalehi to CEO with me staying just as committed as Executive Chairman. I gave extensive reasons then, but they amount to Saum being the most agile, entrepreneurial technologist that I have ever met. In its four year blockchain history, Medici Ventures has accumulated some outstanding senior blockchain engineer talent with which tZERO’s fine engineering staff is being beefed up. In short, the Mothership (Overstock and Medici) are scaling up this company ahead of the capital raise’s completion.”
Byrne continued, “However, between the recent arrival of interest from overseas trading platforms and other investors considering purchasing tZERO Security Tokens in our offering, and the significant evolution that has occurred within the firm (e.g., acquisitions and additions to management) since the inception of the STO, we believe that the best thing to do is to extend the Subsequent Sale Period to accommodate the administrative needs of late arrivals. We will also offer a brief period for withdrawals if existing investors so desire.”
tZERO intends to release a new supplement to the Amended, Supplemented and Restated Private Placement Offering Memorandum dated March 1, 2018 (New Supplement). The New Supplement will contain important information for investors in the tZERO Security Token Offering, including the availability of a Withdrawal Period that will be made available to all investors. The Withdrawal Period will open upon release of the New Supplement and end at 5 pm EDT on the fifth business day thereafter. tZERO intends to hold an investor call shortly after the release of the New Supplement to provide information and to answer investor questions relating to the tZERO Security Token Offering.
As of May 12, 2018, tZERO has raised $110.6 million pursuant to Simple Agreements for Future Equity (SAFEs), with $96.3 million in funds received.
During the Subsequent Sale Period, tZERO Security Tokens are being sold at a price of $10.00 per tZERO Security Token, subject to discretionary discounts. All rights to acquire tZERO Security Tokens are sold pursuant to SAFEs, which may be accessed electronically via RenGen Labs, formerly known as SaftLaunch .com or StartEngine.com.
tZERO’s CEO, Saum Noursalehi, said, “We are excited about the reception we’ve received from the community during our Subsequent Sale Period. We would like to thank our partners StartEngine and SaftLaunch that are facilitating timely and efficient interactions with investors. To maximize the opportunity for investor participation, we have decided to extend the tZERO Security Token Offering until June 29, 2018.”
Patrick Byrne added, “I want to thank our current and future tZERO SAFE holders, who have invested in the tZERO Security Token Offering. There are a lot of kinks that we have had to work out as we pioneer a new way securities offerings can be accomplished. We are changing an industry here: disruption takes time.”
“I want to thank former tZERO board member Raj Karkara for his service and contribution to tZERO’s accomplishments,” concluded Byrne.
The Subsequent Sale Period and the Expiration Date may be further extended or shortened in the Company’s sole discretion.
About Bruce Fenton:
Bruce Fenton is an experienced economic advisor and an active member of the blockchain industry. He is the founder of Atlantic Financial, the former Executive Director and a current board member of the Bitcoin Foundation, a co-founder of the Bitcoin Association, and the organizer of the first Dubai Bitcoin Conference. He is also the host and founder of the Satoshi Roundtable retreat, an exclusive, invitation-only retreat for leaders in the blockchain industry. Currently, Mr. Fenton is serving as Managing Director of Atlantic Financial which, in 1994, became the first full-service investment firm on the internet. Prior to Atlantic Financial, he was with Morgan Stanley and specialized in emerging technologies and emerging markets. Mr. Fenton is a member of the board of directors of Medici Ventures, Inc., a global leader in advancing blockchain technology and the immediate parent company of tZERO.
Overstock.com, Inc. Common Shares (NASDAQ:OSTK) / Series A Preferred (Medici Ventures’ tZERO 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 Pet Adoptions and 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.
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.
This Press Release contains forward-looking statements, including statements relating to tZERO’s business, the success of the ongoing tZERO Security Token offering and the regulatory compliance of the tZERO Security Token offering. Other statements in this press release that include words such as “anticipate,” “may,” “believe,” “could,” “should,” “estimate,” “expect,” “intend,” “plan,” “predict,” “potential,” “forecasts,” “project,” and other similar expressions, also are forward-looking statements. Forward-looking statements are made based upon management’s current expectations and beliefs concerning future developments and their potential effects on tZERO. Such forward-looking statements are not guarantees of future performance. Various factors could affect tZERO’s actual results and could cause such results to differ materially from estimates or expectations reflected in forward-looking statements, including factors relating to legal and regulatory developments, applications and/or interpretations of existing legal and regulatory requirements, technological developments and/or difficulties, general economic conditions, conditions in the capital markets and cryptocurrency markets, changes in investor confidence regarding tZERO’s ability to successfully operate its business and develop a trading system for securities tokens, limitations on the tZERO Security Token, including transfer restriction, and other important factors. tZERO expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectation with regard thereto or any change in events, conditions, or circumstances on which any such statement is based.
This press release is neither an offer to sell, nor a solicitation of an offer to buy, any securities, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The tZERO Security Tokens are being offered only pursuant to the Amended, Supplemented and Restated Private Placement Offering Memorandum dated March 1, 2018, as will be further supplemented by the New Supplement.
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Alexandra Sotiropoulos, +1-212-754-5615
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PUB: 05/14/2018 05:50 PM/DISC: 05/14/2018 05:50 PM