FORT LAUDERDALE, Fla., July 15, 2010 (GLOBE NEWSWIRE) -- Upstream Worldwide, Inc. (OTCBB:MFGD), a reverse logistics, direct-from-consumer recycler of precious metals and electronics, announces that the Company has entered into a strategic partnership with Flipswap, a leading provider of trade-in and value exchange programs, to facilitate its "phone recycling" program which enables and incentivizes consumers to mail in their used or unwanted cell phones in exchange for cash.
Upstream Worldwide, which has experienced success in its recently implemented program to recycle cell phones and consumer electronics direct-from-consumers, believes that partnering with a leading provider of cell phone trade-in and recycling services will ensure continued and greater success in this channel. Management sees the expansion into phones and electronics as a logical progression of its existing business model of direct-from-consumer precious metal recycling, leveraging the Company's core strengths of marketing and driving customer response. The partnership agreement outlines a revenue-sharing program whereby Flipswap will provide inspection, storage and disposition services for cell phones provided through Upstream Worldwide's consumer channels.
The Company believes there is tremendous revenue potential in its cell phone and consumer electronics recycling program based on recent statistics showing that Americans throw away more than 350,000 cell phones every day and the average consumer replaces their mobile device every 12 months. It is estimated that the unrealized or residual value of retired devices in 2010 is $2.5 billion, which is being fueled by the increasing value of smart phones and the fact that an estimated 130 million new mobile devices will be sold in the U.S. this year.
"This partnership is a major step in our strategy to aggressively expand our new business of recycling consumer electronics in addition to precious metals. The rapid and continuous technology innovation of mobile devices such as smart phones and several other consumer electronic products is fueling an enormous market for recycling of used and unwanted devices now and in the years to come," commented Doug Feirstein, Chief Executive Officer of Upstream.
CEO of Flipswap, Dave Stritzinger, commented, "We are very excited to partner with Upstream Worldwide to increase the success and effectiveness of their phone trade-in program. They have tremendous experience in executing effective mass marketing campaigns to consumers and we have no doubt that their program will grow very rapidly. The worldwide market for cell phone recycling and proper disposal is tremendous and we look forward to mutually increasing our market share with Upstream Worldwide through this partnership."
"Our service of recycling these devices helps save the environment from toxic materials being buried in landfills and also provides consumers with extra cash that they would not have if they kept or threw away their old phones or electronics. Partnering with Flipswap was the perfect choice because their expertise in trade-in services and vast partner network will provide both companies with the most profitable trade-in value which will be passed on to our consumers," continued Feirstein.
About Upstream Worldwide, Inc.
Upstream is a direct-from-consumer reverse logistics recycler of precious metals and electronics. The company utilizes direct-to-consumer advertising to solicit individuals interested in liquidating unwanted items. Through its global platform the company facilitates an end-to-end consumer solution, from acquisition through liquidation. With Upstream's consumer websites, including: www.sobredeoro.com, www.Dollars4Gold.ca, www.MyGoldEnvelope.com, www.money4golduk.com, and www.eurofuergold.de, the company strives to provide the most convenient, efficient and secure method for individuals to liquidate and recycle unwanted items. For more corporate information, please visit www.Money4Gold.com.
About Flipswap
Flipswap, a pioneer in the development and implementation of incentivized trade-in and value exchange programs, provides easy-to-use solutions that drive customer acquisition, retention and post-sales monetization for the wireless and consumer electronics industry. The company's solution combines a flexible software platform and pricing algorithm, deep expertise in the wireless industry and an extensive partner network to enable the "wireless ecosystem" of consumers, retailers, OEMs, and carriers to extract value from existing mobile devices. To learn more, visit: www.flipswap.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements including our belief regarding the future success resulting from the partnership, revenue potential in the cell phone and consumer electronics recycling program, growth and increasing market share. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects" and similar references to future periods.
Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you therefore against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements include the future price of gold and precious metals which may cause consumers to recycle their precious materials, whether or not our advertising reaches consumers with phones to recycle, competition from large retailers which provide phone drop boxes and other competitors, the future effective of our advertising campaigns and the continued willingness of people to use us to recycle their cell phones.
Further information on our risk factors is contained in our filings with the Securities and Exchange Commission, including the Form S-1/A filed on July 12, 2010. Any forward-looking statement made by us in this press release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.