tZERO and BOX Digital Markets Announce Joint Venture to Launch Industry’s First Security Token
Exchange
t0.com, Inc. (tZERO) and BOX Digital Markets LLC (BOX Digital) announce a joint venture to launch the industry’s
first regulated security token exchange.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180522005689/en/
On May 18, 2018, the two companies entered into a letter of intent to form an exchange to list and publicly trade security
tokens for companies that issue, or convert existing stock to, security tokens. The proposed joint venture would be equally owned
by tZERO and BOX Digital, with each having equal representation on the Board of Directors, together with one mutually agreed upon
independent director. Lisa Fall, who currently serves as CEO of BOX Digital and as president of BOX Options Exchange LLC,
would be the CEO of the joint venture.
“tZERO has proven to be a pioneer in the development and practical use of blockchain technologies for capital markets for a
number of years,” said Ms. Fall. “tZERO’s track record and accomplishments in this innovative area, coupled with BOX’s expertise in
operating a highly efficient and transparent equity options marketplace, made partnering together an easy decision and we look
forward to building a world-class platform for listing and trading security tokens.”
tZERO plans to contribute cash and license tZERO’s blockchain technology for operation of the security token market. BOX Digital
will contribute expertise and personnel toward obtaining regulatory approval and operation of the security token market. Approval
of the U.S. Securities and Exchange Commission will be sought following execution of definitive documentation. Creation of the
joint venture is subject to definitive documentation and customary conditions.
“Our partnership with BOX Digital Markets is a significant milestone that will create the first SEC-regulated exchange designed
to efficiently trade crypto securities. Lisa Fall’s leadership, reputation and deep experience in the regulated securities exchange
industry will be a major asset in achieving this objective,” said Saum Noursalehi, newly appointed CEO of tZERO. “Together, we will
continue to work with the SEC as we develop a first-of-its-kind platform that will integrate blockchain capital markets into the
current U.S. National Market System.”
About BOX Digital:
BOX Digital Markets LLC is engaged in creating and developing markets for trading digital assets in a regulated environment. BOX
Digital is a wholly-owned subsidiary of BOX Holdings Group LLC, which owns and operates BOX Market, an equity options
marketplace and a facility of BOX Options Exchange LLC. BOX Options Exchange is a Registered National Securities Exchange
under Section 6 of the Securities Exchange Act of 1934. Additional information about BOX Market and BOX Options Exchange can
be found at http://www.boxoptions.com.
About tZERO:
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.
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 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.
Forward-Looking Statements
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.
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tZERO
Alexandra Sotiropoulos, +1-212-754-5615
asotiropoulos@intermarket.com
or
BOX Digital Markets
Zoe Weisberg Coady, +1-212-867-0385
zoe@brandstylecommunications.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20180522005689/en/