SALT LAKE CITY, May 16, 2011 /PRNewswire/ -- Overstock.com, Inc. (NASDAQ: OSTK, short cut: O.CO) today announced that henceforth all net profits from its Worldstock Fair Trade department will fund charitable and philanthropic projects, including those in the United States, Guatemala, Kenya, Malawi and Nepal. To learn more visit www.overstock.com/Worldstock-Profits .
For example, in San Marcos Guatemala, funds from Worldstock have already helped construct an earth bag house, and rain water harvesting tanks (to provide clean water to the orphans). In Kenya, Worldstock profits have built the Fanya Mambo School, a school which provides training in construction to improve the urban landscape. In Malawi, Wordlstock funds have been used to construct water towers and a pump house. In Nepal, Worldstock contributions have helped build several new modern English schools.
"Worldstock's mission is to create sustainable livelihoods for artisans around the world by leveraging the internet to introduce their good to the U.S. market. We're privileged to be able to further support international humanitarian efforts around the world by bringing schools, clinics, drinking water, and sustainable cottage industries to artisan communities globally." said Overstock.com Chairman and CEO Patrick Byrne.
Founded in 2001, Worldstock Fair Trade is Overstock.com's socially responsible department that distinguishes itself from competitors by returning between 60 and 70 percent of the sales price on each item to the artisans. It allows these artisans to improve their own lives, as well as their educational systems and communities. Today, Worldstock has contacts in over 60 countries including rural areas of the United States. It creates employment opportunities for approximately 10,000 artisans around the world, who provide handcrafted products that are sold on Overstock.com. Through April 30, 2011, Overstock.com has returned more than $67 million to Worldstock's artisan suppliers.
Overstock.com recently 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, 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(R), Worldstock(R) and Worldstock Fair Trade(R) are registered trademarks and O.co(TM) and Savings Engine(TM) 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 Worldstock profits being donated and the projects to be financed, the creation of sustainable livelihoods, 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.