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SALT LAKE CITY, June 29, Jun 29, 2020 (GLOBE NEWSWIRE via COMTEX) — Overstock.com, Inc. (NASDAQ:OSTK) was awarded a U.S. government arrangement with the General Casework Administration (GSA) as one of three online retailers accouterment business-to-business (B2B) e-commerce capabilities for federal agencies. The GSA Bartering e-Marketplace Accretion arrangement leverages Overstock’s technology and 20 years of acquaintance in B2B and B2C e-commerce to the government with accessible admission to furniture, supplies, and added bartering off-the-shelf (COTS) goods.

“We’re captivated GSA has called us for this absolute accumulation of online retailers to participate in this proof-of-concept pilot affairs which will acquiesce us to accumulation key items like appointment appliance and accessories to government agencies,” said Jonathan Johnson, CEO of Overstock.com. “The bartering exchange platforms are to accommodate the GSA with added blank on government spending. We are assured our technology and industry relationships will advice accomplish GSA’s ambition a reality.”

GSA expects to acquire the e-commerce belvedere accessible to barrage in about thirty days. The belvedere will acquiesce GSA to analysis the use of bartering e-commerce portals for purchases beneath the micro-purchase beginning of $10,000 application a proof-of-concept (for up to three years).

As allotment of GSA’s e-commerce platform, Overstock will advice federal bureau advisers save time and aborigine dollars on the company’s bartering exchange and will advice GSA accumulate its absorb abstracts to admission efficiency. According to GSA, accessible bazaar purchases on government acquirement cards represent an estimated $6 billion annually.

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The belvedere will action a advanced array of articles from accustomed partners, and will acquiesce government cadre to calmly find, research, and adjustment all-important COTS products, including abounding items from baby businesses. Along with the bartering e-commerce platform, Overstock will accommodate babysitter chump affliction account to aid with ability and ensure a top-of-the-line acquaintance for government purchasers.

“Our focus has consistently been to body astounding technology and to actualize the best accessible arcade acquaintance for our customers, whether that chump is in the clandestine or government sector,” said Dave Nielsen, President of Overstock Retail. “This GSA arrangement aligns accurately aural our business archetypal and leverages our decades of acquaintance in architecture e-commerce technology, relationships in the retail industry, and our able-bodied accumulation alternation and armpit infrastructure. We’re aflame for this befalling and to abound our B2B business.”

Ron Hilton, Overstock’s Chief Sourcing and Operations Officer, added, “We acknowledge GSA’s acceptance of our ability and our administration in e-commerce. Our array for this belvedere will alongside our array on Overstock.com ensuring affection articles at a abundant amount alongside added allowances for our government clients.”

GSA provides centralized accretion for the federal government, alms billions of dollars’ account of products, services, and accessories that federal agencies need. This e-commerce belvedere is allotment of GSA’s Federal Exchange Strategy to improve and abridge the affairs and affairs acquaintance for customers, suppliers, and accretion professionals. GSA’s accretion solutions accumulation federal purchasers with cost-effective high-quality articles and casework from bartering vendors. GSA helps federal agencies body and admission appointment space, articles and added workspace services, and oversees the canning of celebrated federal properties. Its behavior accoutrement travel, acreage and administration practices advance able government operations.

About Overstock

Overstock.com, Inc Common Shares (NASDAQ:OSTK) / Digital Voting Series A-1 Preferred Stock (Medici Ventures’ tZERO platform:OSTKO) / Series B Preferred (OTCQX:OSTBP) is an online banker and technology aggregation based in Salt Lake City, Utah. Its arch e-commerce website sells a ample ambit of new home articles at low prices, including furniture, decor, rugs, bedding, home improvement, and more. The online arcade site, which is visited by tens of millions of barter a month, additionally appearance a exchange accouterment barter admission to millions of articles from third-party sellers. Overstock was the aboriginal above banker to acquire cryptocurrency in 2014, and in the aforementioned year founded Medici Ventures, its wholly endemic accessory committed to the development and dispatch of blockchain technologies to adjust capital, annihilate middlemen, and re-humanize commerce. Overstock consistently posts advice about the Aggregation and added accompanying affairs on the Newsroom and Investor Relations pages on its website, Overstock.com.

O, Overstock.com, O.com, Club O, Main Street Revolution, and Worldstock are registered trademarks of Overstock.com, Inc. Added account marks, trademarks and barter names which may be referred to herein are the acreage of their corresponding owners.

This columnist absolution contains assertive advanced statements aural the acceptation of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such advanced statements accommodate all statements added than statements of actual fact, including but not bound to statements apropos the arrangement with the General Casework Administration and Overstock’s business-to-business operations. Additional advice apropos factors that could materially affect after-effects and the accurateness of the advanced statements independent herein may be begin in the Company’s Annual Report on Form 10-K for the budgetary year concluded December 31, 2019, which was filed with the SEC on March 13, 2020, in our Form 10-Q for the division concluded March 31, 2020, which was filed with the SEC on May 7, 2020, and in our consecutive filings with the SEC.

SOURCE: Overstock.com, Inc.



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