NEW YORK & SALT LAKE CITY--(BUSINESS WIRE)--Siebert Financial Corp. (NASDAQ: SIEB) today announced the completion of an exclusive financial services advertising agreement among Muriel Siebert & Co., Inc., tZERO, Inc., the fintech subsidiary of Overstock.com, Inc. (NASDAQ: OSTK), and Speedroute LLC, the routing services subsidiary of tZERO, for the advertisement of retail brokerage services through Siebert, including discounted online trading, on the Overstock website.
The platform, which was announced last December, allows any investor in America who accesses the Siebert portal through Overstock.com’s FinanceHub™ the opportunity to conduct trades of US equities at discounted prices.
Members of Overstock’s Club O Gold loyalty members will be charged $1.99 per trade, while non-Club O Gold members will be charged $2.99 per trade through the platform.
Pursuant to the agreement, Siebert and Speedroute will share revenue generated from trades from investors who become customers through FinanceHub™. New and existing customers utilizing the portal gain access to an array of Siebert retail brokerage products and services.
With this advertising arrangement, Siebert will gain online visibility with millions of Overstock.com customers for its discount trading platform, while benefitting from tZERO's digital and technological expertise. Through the Siebert portal, Overstock’s customers have an additional point of access to a renowned, nationwide discount brokerage firm with more than fifty years of experience in the industry.
Siebert Financial Corp. was founded in 1967 by Muriel F. 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 the NYSE allowed members to negotiate commissions.
Gloria E. Gebbia, controlling shareholder and board member of Siebert Financial Corp. said, “We are excited and view this agreement as an excellent growth opportunity for Siebert to connect with Overstock's customers, many of whom are women grappling with financial challenges including retirement planning. Through this initiative, we will continue to honor the trailblazing legacy of our founder Muriel Siebert, who obtained a seat on the NYSE to address the pay inequality she experienced working on Wall Street. So, we are especially pleased to optimize the Overstock consumer experience by offering discounted trading, along with other quality retail brokerage services, designed to meet the financial and investing needs of all our clients.”
“Muriel Siebert was a woman who stood for integrity in capital markets, and I am pleased for Overstock.com to be associated with the firm she founded. We have integrated so as to be able to bring to the public this discount trading platform, priced with an eye towards re-democratizing capital markets in the US,” said Overstock.com’s and tZERO’s CEO Patrick M. Byrne.
For years, millions of consumers have relied on Overstock for their e-commerce needs, including, most recently, auto purchases. Overstock currently delivers world-class service and award-winning customer experiences, as evidenced by its 2017 Loyalty360 Customer Award in Operational Excellence and its six consecutive Mobile Web Awards for its shopping apps.
Overstock changed its’ previously-announced plans of creating an additional loyalty program tier to house these brokerage services, in order to extend the discounted trading opportunity to the entire Club O Member base.
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 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 AdvisorNXT, 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
Siebert’s 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 factors 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”). 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.
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 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.
tZERO / Overstock Cautionary note regarding forward-looking statements
This press release contains certain forward-looking statements relating to the implementation of the financial services advertising agreement among tZERO, Speedroute and Siebert and the services to be offered thereunder. Such forward-looking statements include all statements other than statements of historical fact and are typically identified by words or phrases such as “intends,” “expects,” “will” and similar expressions. Actual results may differ materially from such forward-looking statements as a result of certain risks and uncertainties. The forward looking statements in this press release are made only as of the date hereof, and neither tZERO, Speedroute, nor Overstock undertake any obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in Overstock’s Form 10-Q for the quarter ended September 30, 2017, which was filed with the SEC on November 8, 2017, and any subsequent filings with the SEC.
