Overstock.com and Carbonfund.org Partner to Launch Carbon-Neutral Shipping Program for All Worldstock Products
SALT LAKE CITY, April 21, 2011 /PRNewswire/ -- Overstock.com, Inc. (NASDAQ: OSTK) (short cut: O.CO) today, announced the debut of carbon-neutral shipping for every purchase made from its Worldstock Fair Trade inventory, effective immediately. This sustainability effort establishes Overstock.com as one of the largest online retailers to take responsibility for the environmental impact of its product shipping program. Through a partnership with the Carbonfund.org Foundation, a leading nonprofit climate solutions organization, Overstock.com will mitigate the carbon dioxide emissions produced by the trucks delivering items purchased from Worldstock Fair Trade by funding third-party validated carbon reduction projects like reforestation. This offer is free to the customer. Now, in time for Earth Day's 41st anniversary, Worldstock Fair Trade purchases are supporting this important environmental initiative, as well as artisans around the globe. To learn more visit www.overstock.com/sustainability
"Overstock.com recognizes that we all have to take responsibility for preventing climate change, and as a major retailer its positive actions will have a huge impact," said Eric Carlson, President of Carbonfund.org. "Through this commitment, Overstock.com is leading by example by investing in a low-carbon future for everyone. We're thrilled to partner with Overstock.com on this exciting program."
Founded in 2001, Worldstock Fair Trade is Overstock.com's socially responsible department for products handcrafted by artisans from developing nations and rural areas of the USA. It carries handcrafted products from artisans in over 60 countries and between 60 and 70 percent of the cost is returned to the artisans. To date, Overstock.com has returned more than $60 million to Worldstock's artisan suppliers.
"This carbon-neutral shipping program is in addition to other measures the company has taken to recognize consumer demand for environmentally sustainable business practices. Other measures include ride sharing and corporate recycling programs," said Overstock.com CEO Patrick Byrne. "We recognize CO2 emissions are only one component of our operational impact, and we are working to reduce environmental impacts across our entire supply chain."
Carbonfund.org is the leading nonprofit carbon reduction and climate solutions organization, making it easy and affordable for individuals, businesses and organizations to reduce their climate impact by supporting third-party validated renewable energy, energy efficiency and reforestation projects. Carbonfund.org has over 600,000 individual supporters and over 1,800 business and nonprofit partners including Discovery, Motorola, Amtrak, Dell, JetBlue, Virgin America and Staples. www.carbonfund.org.
Overstock.com, Inc. (short cut: O.CO) is a Savings Engine offering brand-name merchandise at discount prices. The company offers its customers an opportunity to shop for bargains conveniently, while offering its suppliers an alternative inventory distribution channel. Overstock.com, headquartered in Salt Lake City, is a publicly traded company listed on the NASDAQ Global Market System and can be found online at http://www.overstock.com and http://www.o.co. Overstock.com regularly posts information about the company and other related matters on its website under the heading "Investor Relations."
Overstock.com®, Worldstock® and Worldstock Fair Trade® are registered trademarks and O.co™ and Savings Engine™ are trademarks of Overstock.com, Inc. All other trademarks are the property of their respective owners.
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, but are not limited to, statements regarding mitigation of carbon dioxide emissions and reducing other environmental impact. Our Form 10-K for the year ended December 31, 2010, or any amendments thereto, and our other subsequent filings with the Securities and Exchange Commission identify important factors that could cause our actual results to differ materially from those contained in our projections, estimates or forward-looking statements.
SOURCE Overstock.com, Inc.