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Salt Lake Valley

March 12, 2014

Overstock.com First Online Retailer to Accept Bitcoin

Salt Lake City – OVERSTOCK.COM, INC. now accepts Bitcoin as a form of payment on its online shopping site. Customers can shop the Overstock.com website for any of the products available; once items are selected and placed in the customer’s shopping cart, Bitcoin is a payment choice along with Visa, MasterCard and PayPal.

“This is historic. Digital currency will be an important part of the future and Overstock is excited to be the first major online shopping retailer to accept it,” says Patrick M. Byrne, chairman and CEO. “As one who believes in limited government, this attracts me because it is a form of money that no government mandarin can will it into existence.”

Byrne notes that Bitcoin is the world’s most widely used cryptocurrency. The Bitcoin peer-to-peer network is made up of thousands of computers run by individuals around the world and doesn’t answer to a central authority. It is similar to gold in that its supply is constrained mathematically to up to 21 million units that will grow in a predictable manner.

“Bitcoin is well suited for online transactions. It has no transaction fees and works well for international customers. Providing this convenience for the cult-following Bitcoin customer is the smart thing to do,” Byrne says. “Other online companies will have to follow suit soon.”

Overstock.com is partnering with Coinbase.com out of San Francisco to process the payments and handle the conversion of Bitcoin into U.S. dollars.


Outdoor Retailer Winter Market Wraps up Another Year in SLC

By Devin Felix

Salt Lake City – It’s a sign of the seasons in Salt Lake City. Just as blooming flowers mean spring and the changing leaves mean autumn, the arrival of flocks of men and women wearing puffy coats and lanyards downtown can only mean one thing: the Outdoor Retailer Winter Market has returned.

The annual outdoor trade show took place at the end of January at the Salt Palace Convention Center, bringing tens of thousands of outdoor industry representatives and other visitors to Utah.

This year the event included about 1,100 exhibitors, an increase over the 2013 winter show. Though exact numbers on attendance aren’t immediately available, organizers estimate more than 22,000 people attended the 2014 show, according to Kate Lowery, director of communications and public relations for Outdoor Retailer.

The winter show is generally smaller than the summer market. The 2013 summer market included about 1,400 exhibitors and 28,000 attendees. Lowery says organizers are pleased with the turnout at recent shows, especially because they have become more selective in who is admitted to the show to ensure that serious buyers and industry representatives aren’t crowded out.

A big part of the reason the Outdoor Retailer markets continue to return to Salt Lake City is that attendees want the show to be there, Lowery says. Market organizers recently surveyed exhibitors and other frequent attendees and the result was clear. “The community was overwhelming in their support of staying in Utah,” she says. “It’s the core of the industry. Everyone loves to come here.”

That’s due in large part to the accessibility of skiing and other outdoor activities—members of the outdoor industry are among the most devoted users of outdoor recreation.

The Winter Market is a big part of the calendar for many Utah-based outdoor products companies. Voile Manufacturing, which is based in West Valley City, is one such company. Mark Christopherson, production manager, says Voile has attended the Outdoor Retailer show consistently for more than 20 years because it is one of the best ways to connect with its main clients, which are shops that cater to devoted backcountry sportsmen and women. Voile designs and manufactures lightweight backcountry ski and snowboard equipment. The company is perhaps best known for its split boards, which can function as either a snowboard or skis to allow users to access backcountry areas.

Outdoor Retailer is currently signed to continue at the Salt Palace through 2016.


Salt Lake City – CLEARONE entered into an agreement to acquire Spontania from Spain-based Dialcom Networks, S.L., in an all-cash deal for approximately $5 million. Spontania is a software-based cloud collaboration solution. The acquisition is expected to close by the end of the first quarter of 2014.

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