NEW YORK--(BUSINESS WIRE)--tZERO announced today that it has entered a partnership with the producers of the upcoming movie, “Atari: Fistful of Quarters,” to tokenize the first major theatrical motion picture. This will be the first time the film industry leverages the power of blockchain technology, marking yet another milestone towards tZERO’s goal to revolutionizing capital markets. tZERO will develop the Bushnell token, sold by the film production and financing company, Vision Tree.
The new biopic is centered on a pioneering figure in the video game industry, Nolan Bushnell, who went from repairing broken pinball machines to launching the videogame manufacturer Atari in the 1970s. The film’s unique approach to funding is reflective of Bushnell’s groundbreaking and innovative career. The movie is being produced by Leonardo DiCaprio’s production company, Appian Way, as well as Benjamin Gerry and J.D. Seraphine of Vision Tree.
tZERO CEO Saum Noursalehi said, “Our goal is to apply blockchain technology to capital markets and every industry that can benefit from the platform we have built. The Atari movie is the perfect project to lead the way for the tokenization of the movie business.”
Patrick M. Byrne, Director & Chief Executive Officer of tZERO’s parent company, Overstock.com, (NASDAQ:OSTK) added, "We have been looking for the team to crack the code for Hollywood and bring much needed transparency and accountability to an industry that has been historically resistant to change. This is an extremely impressive team and we are thrilled to bring the tZERO tech stack to the movie industry.”
Vision Tree announced in March 2018 that it planned to raise as much as $40 million with the sale of the Bushnell token. Bushnell token owners, in addition to receiving shares of movie earnings, also play an interactive role in the film’s development. Token owners have received additional benefits such as being able to vote on the movie’s trailer and even have a say in choosing the movie cast.
J.D. Seraphine, founder of Vision Tree said, “Once we had the opportunity to connect with Patrick, Saum, and the rest of the tZERO family it became immediately clear that this is the best team to roll out the token for the Atari movie.”
Benjamin Gerry, founder of Vision Tree, added, “It has been a long process to find the right partner to tokenize the Atari movie and to blaze a new trail for other media projects to follow. After looking closely at every major company in the space, we are thrilled to collaborate with tZERO on this exciting endeavor.”
About tZERO
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. For more information on tZERO, please visit: https://www.tzero.com/.
tZERO is not a registered broker-dealer, funding portal, investment adviser or investment manager and does not provide any brokerage services. tZERO takes no part in the negotiation or execution of secondary market transactions for the purchase or sale of securities and at no time has possession of investor funds or securities in connection with such transactions.
About Overstock.com
Overstock.com, Inc Common Shares (NASDAQ:OSTK) / Digital Voting Series A-1 Preferred Stock (tZERO platform: OSTKO) / Series B Preferred (OTCQX:OSTBP) is an online retailer and technology company based in Salt Lake City, Utah. Its leading e-commerce website sells a broad range of new products at low prices, including furniture, décor, rugs, bedding, home improvement, and more. The online shopping site, which is visited by nearly 40 million customers a month, also features a marketplace providing customers access to millions of products from third-party sellers. Overstock was the first major retailer to accept cryptocurrency in 2014, and in the same year founded Medici Ventures, its wholly-owned subsidiary developing and accelerating blockchain technologies to democratize capital, eliminate middlemen, and re-humanize commerce. Overstock regularly posts information about the company and other related matters on the Newsroom and Investor Relations pages on its website, Overstock.com.
About Vision Tree
Vision Tree strives to create maximum positive impact and a paradigm shift in the world through Media and Technology. The company has developed and is financing a slate of creatively dynamic and commercially viable theatrical film properties that have the potential to garner awards and breakout at the box office. In television, Vision Tree is working with partners to build an Unwired Network of Worldwide Distribution that combines major traditional Network Broadcast companies with short and long form Digital Platform Distribution. In technology, Vision Tree is well positioned to be amongst the early leaders in applying Blockchain Technology to Media projects and has strategic investments in new proprietary systems that will revolutionize the entertainment industry. The company is committed overall to the core mission to awaken, inspire, and transform humanity through Social Action Entertainment.
For more information on Vision Tree, please visit: http://visiontree.co/
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include all statements other than statements of historical fact. Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in the Company's Form 10-Q for the quarter ended March 31, 2018, which was filed with the SEC on May 9, 2019, and any subsequent filings with the SEC.
