[December 14, 2017] |
|
Siebert Financial Corp., Overstock and tZero Execute Letter of Intent to Offer Discount Trading
Siebert Financial Corp. (NASDAQ: SIEB), Overstock.com (OSTK:
NASDAQ), and its subsidiary tZERO and have signed a letter of intent to
enter into a partnership to offer deeply discounted online trading in Q1
2018 when the transaction is slated to close. Under terms of the
agreement, any investor in America who accesses the Muriel Siebert & Co.
Inc. portal at Overstock would be able to conduct online trading of US
equities for $2.99 per trade through the platform. In addition,
Overstock plans to introduce a new tier to its Club O loyalty and
membership rewards program to offer that elite membership level the
opportunity for online trading at an even deeper discount of $1.99 per
trade.
Overstock and Siebert Financial Corp. intend to deliver institutional
quality financial services to clients, enhancing the mutual benefits of
this paradigm-changing partnership. New customers subscribing to the
discount brokerage suite of products would be offered best-in-class
services including Smart Order and Routing and Execution services by
tZERO's broker-dealer Speedroute, a FINRA firm, and Clearing Services
through StockCross Financial Services, a FINRA firm and affiliate of
Siebert Financial Corp.
For years, millions of consumers have trusted Overstock with home, and
more recently, auto purchases. Overstock currently delivers world-class
service and award-winning customer experiences to over 30 million
shoppers per month, as evidenced by its 2017 Loyalty360 Customer Award
in Operational Excellence and its six consecutive Mobile Web Awards for
its shopping apps.
Siebert Financial Corp. was founded in 1967 by Muriel Siebert, the first
woman to own a seat on the New York Stock Exchange and the first to head
one of its member firms, Muriel Siebert & Co., Inc. Ms. Siebert was also
a pioneer by transforming her firm into a discount brokerage in 1975 on
the first day NYSE members were allowed to negotiate commissions.
Of the newly announced intended deal, Overstock CEO Patrick M. Byrne
said, "There are multiple complementary facets of the two companies'
trading ecosystems and today they align perfectly to deliver unmatched
value to investors. Mickie Siebert showed that women can make it big on
Wall Street, and women have always been an important part of Overstock's
success too, so there is a correlation in our pioneering traditions.
Just last week, Overstock and its subsidiary, Medici Ventures, signed
the Parity Pledge vowing to empower women into leadership positions.
With a significant majority of Overstock's loyal base being women, it is
our distinct honor to partner with a legendary woman-owned firm led by
Gloria E. Gebbia. Mrs. Gebbia exemplifies all that is great about the
advancement of women in leadership and we are honored to deliver the
lowest pricing to our growing user base with such a trusted and iconic
partner."
Gloria E. Gebbia, majority shareholder and board member of Siebert
Financial said, "We are pleased to partner with Overstock and its
founder Dr. Patrick Byrne, who has been a visionary leader in
e-commerce. We continue to uphold the enduring vision and legacy of
founder Mickie Siebert with our focus on integrity and the safety of
investments, as there is no substitute for understanding the cares and
concerns of our clients. Together our efforts will be directed towards
delivering quality products and services designed to serve the financial
needs of our clients, which will always be our top priority."
While maintaining the industry's deepest discounts for online trading,
this partnership plans to introduce the rollout of new products and
services such as Blockchain Trading, Crypto Products, and Robo Advisory,
along with Free IRA products.
About Siebert Financial Corp. Siebert Financial is a holding
company that conducts its retail discount brokerage business through its
wholly-owned subsidiary, Muriel Siebert & Co., Inc. The firm became a
member of the NYSE in 1967, when Ms. Siebert became the first woman to
own a seat on the Exchange. In addition, in 2014 the Company began
business as a registered investment advisor through a wholly-owned
subsidiary, Siebert Investment Advisors, Inc. Siebert Financial, based
on Wall Street in New York City, serves clients through its branch
offices located nationwide and globally online. www.siebertnet.com
Cautionary note regarding forward-looking statements
Statements in this press release that are not statements of historical
or current fact constitute "forward looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. Such
forward looking statements involve risks and uncertainties and known and
unknown factor that could cause the actual results of the Siebert
Financial Corp. (the "Company") to be materially different from
historical results or from any future results expressed or implied by
such forward looking statements, including without limitation: changes
in general economic and market conditions; changes and prospects for
changes in interest rates; fluctuations in volume and prices of
securities; changes in demand for brokerage services; competition within
and without the brokerage business, including the offer of broader
services; competition from electronic discount brokerage firms offering
greater discounts on commissions than the Company; the prevalence of a
flat fee environment; limited trading opportunities; the method of
placing trades by the Company's customers; computer and telephone system
failures; the level of spending by the Company on advertising and
promotion; trading errors and the possibility of losses from customer
non-payment of amounts due; other increases in expenses and changes in
net capital or other regulatory requirements. As a result of these and
other factors, the Company may experience material fluctuations in its
operating results on a quarterly or annual basis, which could materially
and adversely affect its business, financial condition, operating
results, and stock price, as well as other risks detailed in the
Company's filings with the Securities and Exchange Commission ("SEC (News - Alert)").
Accordingly, investors are cautioned not to place undue reliance on any
such "forward-looking statements." The Company undertakes no obligation
to update the information contained herein or to publicly announce the
result of any revisions to such "forward-looking statements" to reflect
future events or developments. An investment in the Company involves
various risks, including those mentioned above and those, which are
detailed from time to time in the Company's SEC filings, copies of which
may be obtained from the Company or through the SEC's website.
Notice to Investors This communication is provided for
informational purposes only and is neither an offer to sell nor a
solicitation of an offer to buy any securities in the United States or
elsewhere.
About Overstock.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.
About Stockcross Financial Services, Inc. StockCross
Financial Services, Inc. is one of the largest privately-owned brokerage
firms in the nation. Established in 1971, it has spent many years
providing financial guidance and excellent customer service to its
clients. Branch offices are located throughout the nation and are
staffed with knowledgeable and experienced representatives. Online
investment services and phone support offer clients around the world
instant and current information on their accounts. StockCross
consistently delivers on its full scope of offerings including
fixed-income products, online or broker-assisted equity trading,
ESOS/ESOP programs across the globe through advanced online trading
capabilities, and is a self-clearing firm specializing in fixed income
securities, outstanding customer service, and client investment choices.
StockCross is headquartered in Beverly Hills. Member FINRA | SIPC | EST.
1971
Specialties Online Trading, Corporate Services, Fixed Income,
Equities, Institutional Trading, Capital Commitment and Market Making,
Retail Investment Services.
About Medici Ventures Launched in 2014, Medici Ventures is a
wholly owned subsidiary of Overstock.com, Inc., created to leverage
blockchain technology to solve real-world problems with transparent,
efficient and secure solutions. Medici Ventures has a growing portfolio
of groundbreaking blockchain-focused investments, including t0.com,
Peernova, Bitt, SettleMint, Factom, and IdentityMind, Spera and
Symbiont. The company's majority-owned financial technology company,
t0.com, executed the world's first blockchain-based stock offering in
December 2016.
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. More information is
available at tZERO.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171214005729/en/
[ Back To Mobile World Congress's Homepage ]
|