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|Overstock.com's Worldstock is Afghanistan's Largest Private Employment Provider|
KABUL, Afghanistan and SALT LAKE CITY, Jun 29, 2004 /PRNewswire-FirstCall via COMTEX/ -- The Afghanistan Ministry of Commerce reported today that Worldstock(TM), the socially responsible goods department of Overstock.com(R) (Nasdaq: OSTK), is now the largest source of private employment in Afghanistan.
Patrick Byrne, president of Overstock.com, founded Worldstock in October of 2001 to eradicate global poverty. In August 2003 Byrne hired Neelab Kanishka, an Afghan woman who fled her homeland when she was a child, to manage Worldstock. Unlike traditional charities or relief organizations, Worldstock does not provide handouts. Worldstock contracts with skilled craftspeople in developing countries and helps them establish long-term businesses for selling their products through its Web site (www.worldstock.com, or see the Worldstock tab at www.overstock.com).
Worldstock has been selling products made in Afghanistan since the summer of 2002. This spring, Byrne and Kanishka traveled to Afghanistan where they contracted with 1,450 artisans and placed orders for more than $150,000.00 worth of goods. According to Kanishka, "We ordered an assortment of exquisitely handcrafted Afghan rugs, embroidery, leather goods, and jewelry." The first shipment of goods from Afghanistan will be available on Worldstock starting this week.
Minister of Commerce, Mr. Mustafa Kazimi, said, "Fourteen-hundred more people in Afghanistan -- 90% of whom are women -- are able to earn a living and care for their families thanks to Worldstock. In addition to being the largest source of private employment in Afghanistan, Worldstock is also the largest source of employment for women in Afghanistan and the largest exporter of Afghan handicrafts."
Byrne said, "Worldstock's efforts in Afghanistan would not have been possible without the help of the Afghan Investment Support Agency (AISA) and the Embassy of Afghanistan in Washington, D.C. in particular. They deserve great credit for their efforts to bring global trade and commerce back to Afghanistan."
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 Worldstock is a trademark, of Overstock.com, Inc. All other trademarks are the property of their respective companies.
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 eradicating global poverty. 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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