tZERO Partners with Aspen Digital

7/22/20

NEW YORK--(BUSINESS WIRE)--tZERO, a leader in financial innovation and liquidity for private companies, announced today that it has entered into a partnership with Aspen Digital Inc. to enable its digital security (ASPEN) to trade on the tZERO ATS. The ASPEN shares represent $18 million of indirect ownership in the St. Regis Aspen Resort, a five-star, 179-room luxury hotel located in Aspen, Colorado.

tZERO CEO Saum Noursalehi stated, “We are excited to join forces with Aspen Digital to enable the St. Regis Aspen digital security to trade. We look forward to beginning the onboarding process and anticipate that trading will commence on the tZERO ATS this quarter.”

The issuer of ASPEN, Aspen Digital, Inc., is managed by ER-RE, LLC., a subsidiary of New York-based real estate asset management and advisory firm Elevated Returns, LLC. Valued at $224 million during the time of the offering in October 2018, the St. Regis Aspen Resort is the first digital security within Elevated Returns’ portfolio. Elevated Returns intends to tokenize roughly $1 billion of real estate projects in the future.

Elevated Returns President Stephane De Baets said, “Investing in commercial real estate projects is often prohibitive for most investors, particularly for high-profile properties. We believe investors will benefit from the transparency, accessibility and liquidity of the ASPEN digital security through our partnership with tZERO, who we view as the leader in capital markets innovation and secondary liquidity for private assets.”

Shares of ASPEN were distributed to accredited investors through a Reg D 506 (c) offering, which closed in October 2018 and raised $18 million. Aggregate shares of ASPEN represent an 19% indirect ownership interest in the St. Regis Aspen Resort, and the remaining 81% is indirectly owned by Elevated Returns.

tZERO is a technology firm with the goal of democratizing access to private capital markets. tZERO is a subsidiary of Medici Ventures, the blockchain-focused, wholly-owned subsidiary of Overstock.com, Inc. (NASDAQ:OSTK).

Investor Notice

Investors should note that trading digital securities could involve substantial risks, including no guarantee of returns, costs associated with selling and purchasing, no assurance of liquidity which could impact the price and ability to sell, and possible loss of principal invested. Further, an investment in single digital security could mean lack of diversification and, consequently, higher risk.

No Offer, Solicitation, Investment Advice or Recommendations

This release is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, nor does it constitute an offer to provide investment advisory or other services by the tZERO or any of its affiliates, subsidiaries, officers, directors or employees. No reference to any specific security constitutes a recommendation to buy, sell or hold that security or any other security. Nothing in this release shall be considered a solicitation or offer to buy or sell any security, future, option or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this release constitutes investment advice or offers any opinion with respect to the suitability of any security, and the views expressed in this release should not be taken as advice to buy, sell or hold any security. In preparing the information contained in this release, we have not taken into account the investment needs, objectives, and financial circumstances of any particular investor. This information has no regard to the specific investment objectives, financial situation, and particular needs of any specific recipient of this information and investments discussed may not be suitable for all investors. Any views expressed in this release by us were prepared based upon the information available to us at the time such views were written. Changed or additional information could cause such views to change. All information is subject to possible corrections. Information may quickly become unreliable for various reasons, including changes in market conditions or economic circumstances.

About tZERO

tZERO Group, Inc. (tZERO) is a majority-owned subsidiary of Overstock.com, focusing on the development and commercialization of financial technology (FinTech) based on cryptographically-secured, decentralized ledgers – more commonly known as blockchain technologies. Since its inception, tZERO has pioneered the effort to bring greater efficiency and transparency to capital markets through the integration of blockchain technology. For more information on tZERO, please visit: https://www.tzero.com/.

tZERO is not a registered broker-dealer, funding portal, underwriter, investment bank, investment adviser or investment manager, and is not providing brokerage, investment banking or underwriting services, recommendations or investment advice to any person, and does not provide any brokerage services. tZERO takes no part in the negotiation or execution of secondary market transactions for the purchase or sale of securities and at no time has possession of investor funds or securities in connection with such transactions.

About tZERO ATS

tZERO ATS, LLC is a broker-dealer registered with the SEC and a member of FINRA and SIPC. More information about tZERO ATS may be found at www.finra.org. Digital securities that trade on tZERO ATS are conventional uncertificated securities. Ownership of such securities is reflected on the traditional books and records of regulated market participants. The terms "digital" and “digital security” refer to the blockchain technology elements of a security that are intended to enhance investor experience through added transparency but have no controlling or legal effect.

About Aspen Digital

Aspen Digital Inc. is a Maryland corporation that has been formed with the sole purpose of indirectly owning a portion of the St. Regis Aspen Resort. Upon the completion of this offering, Aspen Digital will be externally managed by ER-RE, LLC., which is a subsidiary of Elevated Returns, LLC., a New York-based real estate asset management and advisory firm. For more information, please visit: https://aspencoin.io/index.html.

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