FT. LAUDERDALE, Fla., July 26, 2011 (GLOBE NEWSWIRE) -- Upstream Worldwide, Inc. d/b/a uSell.com (OTCBB:UPST), the Cash Commerce Platform™, today announced that it has executed a binding letter of intent to merge with EcoSquid.com, a website that objectively displays and ranks options for trading in or recycling old electronics. This all stock merger comes on the heels of uSell's recent announcement that it will now help consumers find the highest cash offers from top-rated buyers of cell phones and electronics, a strategic shift from the company's former role in the electronics buyback market as a direct buyer. For further information on the Merger, see the Form 8-K filed by the Company on July 25, 2011.
"The strategic shift allows uSell to gain operating leverage by streamlining the business operations and eliminating back-end, single-partner risk," said Dan Brauser, CFO of uSell. "At the same time, this shift offers the potential to lower our acquisition cost which benefits both our customers and our partners and will allow us to more rapidly invest in growth."
Consumers can offer up a myriad of electronics to sell, including cell phones, tablets, mp3 players, digital cameras and much more. Through uSell's website, consumers can search for the products they are looking to sell and then uSell helps them get the best price by returning quotes from industry leading buyers. After selecting which service they want to use, consumers are directed to the buyer's website. The buyer then purchases the unwanted items directly from consumers, providing them fast payment. With all electronics, once all personal data is erased, they are refurbished or recycled depending on their condition.
"Over the last year, EcoSquid has built an innovative, scalable price comparison engine, while uSell has developed an effective marketing formula to drive consumer awareness in the re-commerce industry," said Nik Raman, CEO of EcoSquid. "It makes perfect business sense for uSell to drive its customers through our platform in order to guarantee them the best possible price and level of service."
Convenient and secure, uSell helps consumers avoid the hassle and risk of peer-to-peer sales channels such as eBay and Craigslist. And uSell's 100% Max Cash Guarantee™ ensures consumers get the most cash for their items or uSell will pay them the difference.
About uSell.com
uSell.com is the Cash Commerce Platform. uSell finds the highest cash offers from top-rated buyers for your cell phones and electronics – and everybody needs extra cash. uSell's 100% Max Cash Guarantee ensures you get the most cash or we'll pay the difference. uSell is a subsidiary of Upstream Worldwide, Inc., a publicly traded company (OTCBB:UPST) headquartered in Ft. Lauderdale, FL. Cash Commerce Platform and Max Cash Guarantee are Trademarks of uSell and Upstream. For more information please visit www.uSell.com.
About EcoSquid
EcoSquid is a web platform that offers objective information about electronics trade-in and recycling options available in the market. EcoSquid is on a mission to combat the environmental threat of electronic waste. Reselling or recycling electronics on EcoSquid keeps e-waste from ending up in landfills. You can visit EcoSquid at www.ecosquid.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements including the closing of the merger and the anticipated benefits from the merger. 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 failure to reach a definitive Merger Agreement, the failure to raise the necessary working capital and difficulties in integrating the acquisition.
Further information on our risk factors is contained in our filings with the Securities and Exchange Commission, including our Form 10-K for the year ended December 31, 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.