Edition:
United Kingdom

Overstock.Com Says Co, Its Unit, Patrick Byrne And Hernando De Soto Entered Into A Memorandum Of Understanding


Wednesday, 3 Jan 2018 

Jan 3 (Reuters) - Overstock.Com Inc ::OVERSTOCK.COM SAYS ON DEC 27, 2017, CO, ITS UNIT MEDICI VENTURES, PATRICK BYRNE AND HERNANDO DE SOTO ENTERED INTO A MEMORANDUM OF UNDERSTANDING.OVERSTOCK.COM INC - MOU PROVIDES THAT PARTIES WILL FORM A CO THAT WILL BE OWNED 50% BY MEDICI, 33% BY HERNANDO DE SOTO AND 17% BY PATRICK BYRNE.OVERSTOCK.COM INC - GOAL OF NEW COMPANY IS TO DEVELOP A BLOCKCHAIN-BASED SYSTEM.OVERSTOCK.COM - HERNANDO DE SOTO WILL SERVE AS CHAIRMAN OF DESOTO & AS A DIRECTOR OF MEDICI; PATRICK BYRNE WILL SERVE AS CO-CHAIRMAN AND CEO OF DESOTO.OVERSTOCK.COM INC - OVERSTOCK AND/OR MEDICI WILL PAY OR CONTRIBUTE $14 MILLION TO HELP LAUNCH PROJECT.