SALT LAKE CITY, Sept. 16, 2011 /PRNewswire/ -- O.co (also known as Overstock.com, Inc.; NASDAQ: OSTK) today announced the 10-year anniversary of its Worldstock Fair Trade department. To celebrate this anniversary the online retailer will give away a Worldstock Fair Trade item each day for ten days through its Facebook and Twitter pages. O.co will also be showcasing a Worldstock Fair Trade artisan on Facebook each day of the giveaway. To learn more visit www.facebook.com/Odotco
"Worldstock Fair Trade is a department within O.co devoted to fair trade with artisans in over 60 countries," said O.co Chairman and CEO Patrick Byrne. "For the last ten years Worldstock Fair Trade's mission has been to create sustainable livelihoods for artisans around the world by leveraging the internet to introduce their goods to the U.S. market. O.co prices the Worldstock Fair Trade goods on its website as inexpensively as possible to drive demand and create jobs for as many people as possible. Worldstock Fair Trade distinguishes itself from competitors by returning 60 to 70 percent of the sales price to its suppliers. We have established contacts in over 60 countries creating employment opportunities for approximately 10,000 artisans around the world. In August 2011, Worldstock passed the $70 million mark in payments made to artisans and the groups that represent them."
In addition to the giveaway, O.co will be holding an hour long Facebook chat on September 21, 2011 at 10:00am MDT. The theme of the chat session will be How to Host an Around-the-World Dinner. Angela Ramirez, Director of Worldstock Fair Trade, will be hosting the chat and offering ideas on how to throw an around-the-world-themed dinner party with Worldstock table settings.
All net profits from the Worldstock Fair Trade department fund charitable and philanthropic projects, including those in the United States, Guatemala, Kenya, Malawi and Nepal. For example, in San Marcos Guatemala, funds from Worldstock Fair Trade have helped construct an earth bag house, and rain water harvesting tanks (to provide clean water to the orphans). In Kenya, Worldstock Fair Trade profits have built the Fanya Mambo School, a school which provides training in construction to improve the urban landscape. In Malawi, Worldstock Fair Trade funds have been used to construct water towers and a pump house. In Nepal, Worldstock Fair Trade contributions have helped build several new modern English schools. To learn more visit www.overstock.com/Worldstock-Profits .
In April 2011 O.co announced the debut of carbon-neutral shipping for every purchase made from its Worldstock Fair Trade inventory, at no extra cost to its customers. This sustainability effort is aimed at mitigating 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.
Overstock.com announced its evolution into O.co in June of 2011. O.co will continue to evolve as the online retailers brand in the coming months.
"Our customers associate 'O' with Overstock.com, which makes the transition to O.co seamless. As a Savings Engine, this is the next step in adding more visibility to our new url," said Byrne.
About O.co (also known as Overstock.com) O.co, also known as Overstock.com, is Your Savings Engine offering brand-name products. The company offers its customers an opportunity to shop for bargains conveniently, while offering its suppliers an alternative inventory distribution channel. O.co, 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. O.co 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 a registered trademarks of Overstock.com, Inc., and O.co™ Your 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 the dates and timing of the giveaways and chat session, the pricing of goods on the O.co website and the evolution of the O.co url. Our Form 10-K for the year ended December 31, 2010, our subsequent quarterly reports on Form 10-Q, 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.