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Shanghai Shipping Exchange and CargoSmart Join Forces to Establish a New Shipping Index

GlobeNewswire

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The companies set out to offer a new schedule reliability benchmark for the shipping industry

HONG KONG and SAN JOSE, Calif., Sept. 04, 2019 (GLOBE NEWSWIRE) — Shanghai Shipping Exchange, a leading shipping index organization, and CargoSmart Limited, a leading global shipment management software solutions provider, have signed a Memorandum of Cooperation to develop a new shipping index for ocean carrier schedule reliability. Working together, Shanghai Shipping Exchange and CargoSmart will create a new methodology to calculate schedule reliability for key trade lanes to help shippers optimize their supply chains and for the industry as a whole to improve service quality.

As an open, fair and unbiased platform, Shanghai Shipping Exchange has been playing a significant role in providing up-to-date and accurate shipping information for the global shipping market, including publishing the China Containerized Freight Index (CCFI) and Shanghai Containerized Freight Index (SCFI). “The alliance with CargoSmart allows us to expand the insights we provide for the shipping industry,” said Yao Weifu, Vice President of Shanghai Shipping Exchange. “We look forward to collaborating with CargoSmart to deliver a new shipping index that increases transparency to ocean carrier performance.”

With over 20 years of experience in providing shipping management solutions and connections with more than 20 ocean carriers, CargoSmart monitors and analyzes over 16,000 vessels, 1,400 global container ports, 3,000 ocean carrier services representing 85% of the market, and 10 million sailing schedules. By tapping into its comprehensive database and applying analytics, CargoSmart will enable effective and accurate measurement of ocean carriers’ schedule reliability performance. “CargoSmart and Shanghai Shipping Exchange share a common desire to improve supply chain efficiency and productivity,” said Lionel Louie, chief commercial officer of CargoSmart. “Our cooperation will extend our contributions to the shipping industry.”

“At C.H. Robinson, we are committed to providing a customer-centric and efficient operation that takes customer needs, market conditions and regulations into account for our customers to optimize their supply chains,” said Kim Guan, Ocean Service Manager of logistics service provider, C.H. Robinson. “We are excited that the Shanghai Shipping Exchange will be offering a standardized schedule reliability index that we can benchmark to offer more insightful carrier and route recommendations for our customers.”

Shanghai Shipping Exchange and CargoSmart will establish the index scope and methodology through a joint working group to further develop new insights for the shipping industry.

About C.H. Robinson
At C.H. Robinson, we believe in accelerating global trade to seamlessly deliver the products and goods that drive the world’s economy. Using the strengths of our knowledgeable people, proven processes, and global technology, we help our customers work smarter, not harder. As one of the world’s largest third-party logistics providers (3PL), we provide a broad portfolio of logistics services, fresh produce sourcing and managed services for more than 124,000 customers and 76,000 active contract carriers through our integrated network of offices and more than 15,000 employees. In addition, the company, our Foundation and our employees contribute millions of dollars annually to a variety of organizations. Headquartered in Eden Prairie, Minnesota, C.H. Robinson (CHRW) has been publicly traded on the NASDAQ since 1997. For more information, visit http://www.chrobinson.com or view our company video.

About Shanghai Shipping Exchange
Shanghai Shipping Exchange (https://www.sse.net.cn/home), jointly founded by the Ministry of Transport and Shanghai Municipal People’s Government on November 28 1996 under the approval of the State Council, is the first state-level shipping exchange in China and the founding of the SSE represents a major step taken by the Chinese government to promote and invigorate China’s shipping market and match the construction of Shanghai International Shipping Center.

About CargoSmart
CargoSmart empowers companies to digitally transform their global supply chains. Leveraging technologies including artificial intelligence, Internet of Things, blockchain, and a deep understanding of ocean shipping, CargoSmart provides innovative solutions for transportation and logistics teams to collaborate, increase visibility, and gain insights to optimize supply chain planning and operations. Founded in 2000 and headquartered in Hong Kong, CargoSmart has helped over 160,000 professionals increase delivery reliability, lower transportation costs, and streamline operations. For more information, please visit www.cargosmart.ai.

Contacts:
Iris Tse
CargoSmart Limited
+852-2233-8174
iris.tse@cargosmart.com

Christine Deihl
CargoSmart Limited
+1-408-921-7084
christine.deihl@cargosmart.com

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Blockchain PR

Kessler Topaz Meltzer & Check, LLP Announces a Securities Fraud Class Action Filed Against Overstock.Com, Inc.

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RADNOR, Pa., Oct. 14, 2019 (GLOBE NEWSWIRE) — The law firm of Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action lawsuit has been filed in the United States District Court for the District of Utah against Overstock.com, Inc. (Nasdaq:  OSTK) (“Overstock”) on behalf of those who purchased or otherwise acquired Overstock securities between between May 9, 2019 and September 23, 2019, inclusive (the “Class Period”).

Important Deadline:  Investors who purchased or otherwise acquired Overstock securities during the Class Period may, no later than November 26, 2019, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please click here.

According to the complaint, Overstock is an online retailer of furniture, home décor and other products that recently shifted its focus to include the development and commercialization of the financial applications of blockchain cryptocurrency technologies through its tZERO platform.

The Class Period commences on May 9, 2019, when the defendants published a release announcing purported results for the first quarter of 2019. The release announced that, after spending $100 million of shareholder funds over the last four years, Overstock’s tZERO product was ready to launch, and critically, that Overstock Retail department was performing so well that EBITDA guidance could be increased by 50%. As defendants explained in the release, the return of Overstock Retail to positive cash flow was imperative in supporting the launch of tZERO.

According to the complaint, on Sunday, September 22, 2019, MarketWatch published a report titled, “Overstock founder tried to squeeze short sellers, then sold out when the SEC cracked down.”  The report stated, in part, “One of Patrick Byrne’s last acts at Overstock.com Inc. appears to have forced a short squeeze that warranted the attention of the Securities and Exchange Commission, and the sell-off of his entire stake over the last three days is now raising questions about whether he tried to manipulate the market.”  The report also noted the implications of the unusual timing and amount of defendant Byrne’s stock sales.  The report concluded, “[e]ven if Byrne escapes charges of market manipulation or insider trading, this is still a horrible look: Amid an ongoing investigation by the SEC’s enforcement division into Overstock’s tZERO platform and its token offering, the chief executive quit and sold his entire stake while seemingly hiding out in an unidentified Asian country, with plans to invest the money in ways that it may not be recoverable by U.S. authorities.”

On September 23, 2019, Overstock belatedly reported that its Chief Financial Officer, defendant Gregory Iverson, had left Overstock in an unscheduled departure a week before, on September 17, 2019, and that Overstock would lower guidance to break even EBITDA for the year, eliminating the projected $17.5 million that Overstock had only recently guided to expect. Following this news, the price of Overstock shares fell from just below $15.00 per share on September 20, 2019, the trading day prior to September 23, 2019, to $11.19 per share.

The complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (i) it was not true that Overstock would be able to support the launch of its tZERO cryptocurrency with earnings or cash flow from its Retail operations; (ii) the foreseeable likelihood that Overstock’s ability to accomplish its intended short squeeze would embolden the SEC or even market participants, such as major brokerage houses, to act to prevent this market manipulation; (iii) it was also not true that Overstock contained adequate systems of internal operational or financial controls; and (iv) the defendants lacked any reasonable basis to claim that Overstock was operating according to plan, or that Overstock could achieve guidance sponsored and/or endorsed by defendants.

If you wish to discuss this securities fraud class action lawsuit or have any questions concerning this notice or your rights or interests with respect to this litigation, please contact Kessler Topaz Meltzer & Check (James Maro, Jr., Esq. or Adrienne Bell, Esq.) at (844) 887-9500 (toll free) or (610) 667–7706, or via e-mail at info@ktmc.com.

Overstock investors may, no later than November 26, 2019, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member.  A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation.  In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class.  Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. 

Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.  The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars).  The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.

CONTACT:

Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500  (toll free)
(610) 667-7706
info@ktmc.com

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Blockchain PR

Medici Land Governance Signs MOU with St. Kitts and Nevis Government for a Cadaster System, Incorporating High-Resolution Aerial Imagery Technology

GlobeNewswire

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SALT LAKE CITY, Oct. 14, 2019 (GLOBE NEWSWIRE) — Overstock.com, Inc. (NASDAQ:OSTK) announced that Medici Land Governance (MLG), its blockchain subsidiary focused on land administration, has signed a Memorandum of Understanding (MOU) with the Government of St. Kitts and Nevis to develop a cadaster system incorporating high-resolution aerial imagery of St. Kitts’ parcels to be integrated into their current land administration system. A cadaster is a visual representation of land and other real property showing the location and extent of property often with imagery and diagrams.

“This is another auspicious achievement as Medici Ventures advances its innovative mission to build a foundation of blockchain technology with an empowering impact on the daily life, business, governance, and economy of nations. This agreement between St. Kitts and MLG is in addition to the precedent-setting agreement our blockchain-meets-central banking company Bitt signed earlier with the Eastern Caribbean Central Bank, also headquartered in St. Kitts,” said Jonathan Johnson, CEO of Overstock and president of Medici Ventures. “Our technology stack for civilization is getting traction in this forward-looking country.”

As part of the larger group of 18 keiretsu companies under Medici Ventures, MLG’s expertise in blockchain-based land administration incorporates numerous specialized technologies. For this project, MLG will capture and incorporate high-resolution aerial imagery into a cadaster system that St. Kitts can integrate with its land administration system. This will significantly aid in estimating property and building size and value, and by taking into account St. Kitts’ valuation and assessment policies, the government can derive more accurate information for taxation and land-related revenue generation.

“MLG is delighted to play a substantial role in St. Kitts’ significant undertaking of institutionalizing a true 21st century land administration system,” said Ali El Husseini, PhD, CEO of Medici Land Governance. “This project is an excellent opportunity for MLG to demonstrate the technological expertise of a major component of its services and products for high-tech land information and management systems, which can empower the economic potential individually and collectively in many countries.”

With this project, MLG continues to expand its global presence with ongoing projects in Zambia, Rwanda, Liberia and Mexico. Earlier this year, MLG completed a project in Wyoming’s Teton County, making it the first county in the U.S. to record land information (including warranty deeds, mortgages, release of liens, and other similar documents), on a blockchain platform.

Medici Land Governance was founded in 2018 to put the power of property ownership and equity into the hands of individuals by applying blockchain and other technologies to provide low-cost, easy-to-use land administration systems. MLG is a subsidiary of Medici Ventures, Overstock.com’s wholly-owned blockchain accelerator. Medici Ventures’ mission is to introduce blockchain technology to existing markets to democratize capital, eliminate middlemen, and re-humanize commerce.

Today, Medici Ventures oversees a global keiretsu of companies building the foundation of a technology stack for civilization based on trust systems that utilize blockchain and other related technologies instead of rent-seeking middlemen. Medici Ventures’ network of companies are introducing blockchain technologies to industries such as identity, land governance, money and banking, capital markets, supply chain, and voting.

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 Medici Ventures

Launched in 2014, Medici Ventures is a wholly-owned subsidiary of Overstock.com, Inc. created to leverage blockchain technology to solve real-world problems with transparent, efficient, and secure solutions. Medici Ventures has interests in a global keiretsu of groundbreaking blockchain-focused companies focused on building the foundation of a technology stack for civilization. Medici Ventures’ companies are introducing blockchain technology to industries including identity, land governance, money and banking, capital markets, supply chain, and voting. The company’s majority-owned financial technology company, tZERO, executed the world’s first blockchain-based stock offering in December 2016.

About Overstock.com

Overstock.com, Inc Common Shares (NASDAQ:OSTK) / Digital Voting Series A-1 Preferred Stock (Medici Ventures’ tZERO platform:OSTKO) / 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. 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 including but not limited to our expectations regarding Medici Land Governance. 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 June 30, 2019, which was filed with the SEC on August 8, 2019, and any subsequent filings with the SEC.

SOURCE: Overstock.com, Inc.

Media Contact:
pr@overstock.com
pr@mediciland.com
  
Investor Contact:
ir@overstock.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b261950c-e90f-4972-b037-078ecf99e9cd

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Blockchain PR

IDG Launches Premium Resource for Technology Leaders, Insider Pro

GlobeNewswire

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Insider Pro members gain access to in-depth tech research, enterprise product reviews, hands-on advice, career resources and exclusive feature articles

Boston, Oct. 14, 2019 (GLOBE NEWSWIRE) — IDG Communications, Inc. – the world’s leading tech media, data, and marketing services company – is proud to announce the launch of Insider Pro, the company’s newest subscription service providing exclusive content from IDG publications on the hottest topics in technology (click to tweet). Insider Pro provides a unique platform where readers can access a multitude of resources to gain important insights into the IT industry. Subscribers can enjoy feature stories, proprietary research, product reviews, career guidance, e-books and much more. Content is generated by the IDG editorial team as well as a contributing network of industry experts and thought leaders. 

“Insider Pro offers an immersive and in-depth experience for subscribers that are passionate about technology and business trends,” said Dan Muse, Editor of Insider Pro. “With 50+ years of deep domain expertise, we understand the technology landscape like no one else; this knowledge fuels the quality content behind Insider Pro. Content is produced by Insider Pro contributors, which include some of the industry’s top journalists, exclusive partners and IDG’s award-winning B2B brands. We couldn’t be prouder to launch this new site for our dedicated audience of technology professionals.”

The ad-free service provides access to a wide range of content for a variety of tech influencers – from developers to business leaders and all the way to CIOs. Subscribers can download reports that integrate award-winning coverage from IDG brands including CIO, Computerworld, CSO, InfoWorld and Network World. A subscription also provides access to original research from IDG and its affiliates as well as a library full of historical data. Content focuses on the most pressing technology topics such as: AI/machine learning, blockchain, cloud, data center, edge, IoT, IT strategy, mobile, SaaS, security, 5G and much more.

Insider Pro is also dedicated to helping subscribers progress in their IT careers. Through the platform, industry experts share advice on how to navigate the complex IT ecosystem, advance within a company or move in a new direction with certification guides, resume samples and more. There is also an abundance of information available on the latest hiring trends and skills that organizations are prioritizing.

“In a market that is constantly evolving, Insider Pro is an invaluable resource for IT professionals focused on the most cutting-edge technologies and emerging business patterns,” added Mark Lewis, VP, Audience Development, IDG Communications, Inc. “We offer a variety of membership packages providing flexibility for our readers and look forward to growing the Insider Pro community as we close out 2019.”

To celebrate the launch of Insider Pro, new subscribers will receive 30% off their first three months; learn more.

About Insider Pro
Subscribe to IDG’s Insider Pro for access to articles available only to our members, including in-depth research and special reports, editor-curated packages that bundle the best content from IDG publications on the hottest topics in the tech industry, and much more.

About IDG Communications, Inc.
IDG Communications connects the world of tech buyers with insights, intent and engagement. We are the world’s largest media, data and marketing services company that activates and engages the most influential technology buyers. Our premium brands, including CIO®, Computerworld®, CSO®, InfoWorld®, Macworld®, Network World®, and PCWorld® engage a quality audience of the most powerful audience of technology buyers providing essential guidance on the evolving technology landscape.

Our global data intelligence platform activates purchasing intent, powering our clients’ success. IDG Marketing Services creates custom content with marketing impact across video, mobile, social and digital. We execute complex campaigns that fulfill marketers’ global ambitions seamlessly with consistency that delivers quality results.

Follow Insider Pro on Twitter @InsiderPro_IDG
Follow IDG on Twitter @IDGWorld
Follow IDG on LinkedIn
Like IDG on Facebook

###

CONTACT: Alex Kastrinelis
Marketing Specialist
IDG Communications, Inc.
alex_kastrinelis@idg.com
508.766.5478
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