Overstock’s Medici Land Governance Inks Deal for Local Land Registry in Mexico

SALT LAKE CITY, Utah, February 14, 2019 (GLOBE NEWSWIRE) — Medici Land Governance, a subsidiary of Overstock’s venture arm Medici Ventures, has signed a memorandum of understanding with a local government in Mexico to create a digital land records system.

According to Monday’s announcement, the memorandum of understanding was struck with the municipal government of Tulum, which is located in the state of Quintana Roo. If built, the deal will allow officials there to collect data about land ownership and issue certificates of title to land in an effort to record such transactions automatically.

“Mexico’s adoption of advanced technology in their land registry will increase opportunities for individuals to strengthen their connections to the global economy through rightful ownership of land,” Ali El Husseini, Medici Land Governance’s CEO, said in a statement.

Víctor Mas Tah, mayor of the municipality of Tulum, said that the deal “represents the beginning of a new territorial ordering stage for the digitalization of land ownership and related processes.”

Medici Land governance secured its first partnerships with two state governments in Africa: last August, the startup signed a memorandum of understanding with the secretary for the Ministry of Land and Natural Resources in Zambia to create a blockchain-based land title registry. In November, the company secured a similar deal with the government of Rwanda.

In December, Medici Land Governance found its first partner on the U.S. soil: Teton County in Wyoming, which hired the startup to build a new land registry using the Open Index Protocol (OIP) and Florincoin blockchain.

About Medici Land Governance

Medici Land Governance leverages blockchain and other technologies to support land governance, titling, and administration with a secure public record of land ownership. With land records stored on the blockchain, land ownership is standardized and can be recognized by local and global economies. Blockchain applied to land improves lives, stimulates economies, and strengthens communities. Medici Land Governance supports agencies in the digitization of their current records, engendering trust and security in data by diminishing human error and accidental damage to records.

About Overstock.com

Overstock.com, IncCommon Shares (NASDAQ:OSTK) / Series A Preferred (Medici Ventures’ tZERO platform: OSTKP) / 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.

O, Overstock.com, O.com, Club O, Main Street Revolution, and Worldstock are registered trademarks of Overstock.com, Inc. O.biz and Space Shift are also trademarks of Overstock.com, Inc. Other service marks, trademarks and trade names which may be referred to herein 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 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, 2019, which was filed with the SEC on May 9, 2019, and any subsequent filings with the SEC.

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Source: Overstock.com, Inc.