SALT LAKE CITY--(BUSINESS WIRE)--Oct. 7, 2002--
Overstock.com Inc. (Nasdaq: OSTK), the Internet liquidation
leader, today announced the one-year anniversary of Worldstock, its
socially responsible goods department that turns radical economic
development principles into sound business practice.
Since launching Worldstock last year, Overstock.com has purchased
more than $1.1 million of products from thousands of artisans in 40
countries. The company calculates that upwards of 2,000 families
around the world are currently receiving significant income results
from Worldstock. Overstock.com adheres to an audited net-5 percent
profit ceiling for their goods, stimulating sales at prices that
maximize the artisans' return.
Worldstock is the brainchild of Overstock.com's CEO, Patrick
Byrne, who holds a doctorate from Stanford University centered upon
issues related to poverty and social justice. He conceived of
Worldstock as a global network of disadvantaged artisans plugging into
the modern advantages of a 21st century business. Today, Overstock.com
provides its expertise, technology and market exposure to artisans,
who find a new platform for their own ideas and initiative.
"All of us think of Worldstock somewhat differently than last year
when the concept was still new," said Rochelle Beck, president of a
global artisan network and a supplier to Worldstock. "We've seen how
Overstock has achieved responsible business growth and economic
development in parts of the world not easy to find success stories.
We're so impressed that we now send Worldstock our best new ideas
first and do everything in our power to assure its continued success."
In the past year, Worldstock development expert, Marilyn Garson,
has traveled to nine countries, establishing or expanding artisan
networks from Chile to Burma to Afghanistan.
"Worldstock turns the usual development relationships on their
head," said Garson. "Worldstock puts artisans in the driver's seat.
Each group gets the real market information to make their own
decisions about growth, and they tell us how they want to capitalize
on the opportunities. They power Worldstock, not the other way
Due to the overwhelming popularity of Worldstock among Overstock's
customers, the Web site has expanded its artisan network into
virtually every corner of the world -- from Himalayan herbal bath
products to Kashmiri rugs, Mexican glassware, Israeli jewelry,
Peruvian leather furniture, African collectibles, Hungarian veil glass
and Native American pottery, with new goods in production in
"In the midst of one of the scariest political and economic times
in recent history, Worldstock has achieved a true sense of partnership
with all those involved in its commercial venture: its producers, its
exporters, its designers, its importers and its customers," said Beck.
Note to Editors:
To request an interview with Rochelle Beck, Patrick Byrne or
Marilyn Garson, please contact Leslie Dotson at 415/377-4414 or
Overstock.com delivers the best values for name-brand consumer
merchandise. Since launching the site in October 1999, Overstock.com
calculates that it has saved consumers more than $100 million off
manufacturer suggested retail prices.
Founded on the principles of fair dealing and value investing,
Overstock.com is a publicly traded company, headquartered in Salt Lake
City and can be found online at www.overstock.com.
Overstock.com and Worldstock are trademarks of Overstock.com Inc.
All other trademarks are the property of their respective companies.
Overstock.com, Salt Lake City
Leslie A. Dotson, 415/377-4414