January 3, 2018 / 9:36 PM / 10 months ago

BRIEF-Overstock.Com Says Co, Its Unit, Patrick Byrne And Hernando De Soto Entered Into A Memorandum Of Understanding

Jan 3 (Reuters) - Overstock.Com Inc:

* OVERSTOCK.COM SAYS ON DEC 27, 2017, CO, ITS UNIT MEDICI VENTURES, PATRICK BYRNE AND HERNANDO DE SOTO ENTERED INTO A MEMORANDUM OF UNDERSTANDING

* OVERSTOCK.COM INC - MOU PROVIDES THAT PARTIES WILL FORM A CO THAT WILL BE OWNED 50% BY MEDICI, 33% BY HERNANDO DE SOTO AND 17% BY PATRICK BYRNE

* OVERSTOCK.COM INC - GOAL OF NEW COMPANY IS TO DEVELOP A BLOCKCHAIN-BASED SYSTEM

* OVERSTOCK.COM - HERNANDO DE SOTO WILL SERVE AS CHAIRMAN OF DESOTO & AS A DIRECTOR OF MEDICI; PATRICK BYRNE WILL SERVE AS CO-CHAIRMAN AND CEO OF DESOTO

* OVERSTOCK.COM INC - OVERSTOCK AND/OR MEDICI WILL PAY OR CONTRIBUTE $14 MILLION TO HELP LAUNCH PROJECT Source text for Eikon: Further company coverage:

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