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|Overstock.com Launches Discount Travel Store|
SALT LAKE CITY, Oct 14, 2003 /PRNewswire-FirstCall via COMTEX/ -- Overstock.com(R) (Nasdaq: OSTK), recognized by millions of online shoppers as the first place to look for great savings, launched an online discount travel store today. The new Overstock.com Travel Store will provide consumers with direct access to thousands of unsold hotel rooms, airline seats, and rental cars through the convenience of the Overstock.com website.
The Overstock.com Travel Store features thousands of exclusive bargains not available on other online travel sites. These deals include hotels in the most popular domestic and international destinations such as Orlando, New York City, Las Vegas, Miami, London, Paris, and Rome. Travelers will also find discount airfare deals, hotel rooms, and car rentals. Airline seats will be sold with a $2.95 booking fee per ticket, the lowest of any major travel site, and equal to the Overstock.com standard flat rate shipping fee.
Overstock.com travel partners have developed exclusive global relationships with brand name travel companies that allow the otherwise vast amount of unsold travel inventory to be offered on the Overstock.com Travel Store. Consumers will have immediate access to this inventory and will be able to see the brand and exact specifics of what they're buying at the time of purchase.
"Our goal is to be the first place consumers go to save on everything they buy, including travel," said Patrick Byrne, president and CEO of Overstock.com. "Our customers have asked for travel deals to be added, and we're pleased to deliver a service that upholds our tradition of offering fantastic bargains combined with responsive service."
The one-stop shop for savings on travel and everything else
Overstock.com has become a leading Internet retailer by scouring the planet for the best deals on brand-name merchandise and making it safely and conveniently available to consumers and businesses on its website. Overstock.com customers save on everything from books and apparel to watches, jewelry, and electronics. Its new travel store follows the same model: it aggregates travel discounts and unused capacity from across the travel industry and makes it available for purchase via the Internet at substantial savings.
"On any given day, hundreds of thousands of airline seats fly empty and hotel rooms go unoccupied," said Byrne. "Our business revolves around tracking down surplus and making it available to the consumer at substantial savings, whether it's handbags, designer jeans, or airline tickets."
Combining its vast selection of merchandise with its new travel store, the Overstock.com website becomes the one online destination where customers save time and money making their travel arrangements and purchasing the goods they need for their trip, such as luggage, travel books, apparel, and digital cameras.
"The launch of the Overstock.com Travel Store marks the completion of the third of the four projects I mentioned during our second-quarter earnings conference call -- the first being our new search technology and the second being our nationwide branding campaign. With the rollout of each of these projects, Overstock.com is delivering on the early promise of e-commerce envisioned in the 1990s: low prices, broad selection, and superior convenience," said Byrne. "This is one more step for Overstock.com down the road of evolving into the one-stop shop for savings on everything consumers are seeking."
There's no registration required to begin using the Overstock.com Travel Store. There's no need to name a price, wait to see if it's accepted, then (if the first one is rejected) do it all over again. There is no bidding. And Overstock.com customers don't have to fly standby to get the lowest fares.
"We offer a simple, straight-forward service that will help our customers save time and money on all their travel needs -- with no surprises," said Byrne. "We believe our travel store will be tremendously popular with our customers who value great bargains."
Overstock.com, Inc. is an online "closeout" retailer offering discount, brand-name merchandise for sale over the Internet. The company offers its customers an opportunity to shop for bargains conveniently, while offering its suppliers an alternative inventory liquidation distribution channel. Overstock.com is a publicly traded company listed on the NASDAQ National Market System, headquartered in Salt Lake City, and can be found online at www.overstock.com .
Overstock.com is a registered trademark, and The Big O is a trademark, of Overstock.com, Inc. All other trademarks are the property of their respective companies. None of these companies are a sponsor or affiliate of Overstock.com or a contributor to the content of Overstock.com's website. These trademarks are used only to identify a competing service.
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 number and size of discounts offered on travel compared to other retailers, the attractiveness of these discounts to consumers, the locations of travel offers, the amount of the booking fee, and the timing of access to inventory. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, but not limited to, our limited operating history, our ability to manage growth, a general downturn in economic conditions, and such other risks as identified in our Prospectus dated May 29, 2002, filed with the Securities and Exchange Commission and all subsequent filings with the Securities and Exchange Commission, including our Form 10- K for the year ended December 31, 2002, and our Prospectus dated February 12, 2003, which contain and identify important factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements.
SOURCE Overstock.com, Inc.
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