IE 11 is not supported. For an optimal experience visit our site on another browser.

Upstream Worldwide Appoints Chuck Wallace as Chief Operating Officer

/ Source: GlobeNewswire

FORT LAUDERDALE, Fla., Sept. 17, 2010 (GLOBE NEWSWIRE) -- Upstream Worldwide, Inc. (OTCBB:MFGD), a reverse logistics, direct-from-consumer recycler of precious metals and electronics, announces the appointment of Chuck Wallace as the Company's Chief Operating Officer. Mr. Wallace has extensive knowledge of the Company's operations, having served as a consultant for Upstream Worldwide since February 2010.

Mr. Wallace brings a wealth of experience to Upstream Worldwide. In 1999, he co-founded Esurance Insurance Group and as a member of the senior team, contributed significantly to the overall development and execution of the company's business strategy and operations until 2007. Most recently from September 2007 through April 2008, Mr. Wallace served as Chief Executive Officer of Ustream TV, a multi-national leader in the live interactive video broadcast space with 30 million unique monthly visitors. During his tenure with Ustream TV, he led the company to 30% monthly growth and was responsible for fundraising, capital allocation, and leading an international team in California and Hungary. Additionally, Chuck has been a private equity investor and served in advisory and consulting roles for several Internet services and software companies since June 2008.

"We are very excited to officially welcome Chuck as our new COO. He has tremendous experience in successfully leading companies through rapid growth environments. His ability to perform at the highest level in several critical areas of a corporation including operations, financing, business development and corporate strategy, add tremendous value to our Company as we are continually expanding our business strategies and operations to capitalize on growth opportunities in niche markets that utilize our core strengths," stated Chief Executive Officer of Upstream, Doug Feirstein.

Mr. Wallace stated, "Upstream has significant potential in building the leading consumer reverse logistics platform that enables consumers to unlock new value and cash from their unwanted items. Value that's especially important in these times that are so economically challenging for many of us. I'm proud to be joining the Upstream team to continue to build a world-class company that provides this critical service to consumers and strong investment returns for our valued shareholders." 

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:,,,, and, 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 .

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements including growth opportunities, significant potential and continuing to build a company that provides strong investment returns. 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, the future effectiveness 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.

CONTACT: Upstream Worldwide, Inc. 954-915-1550