FT. LAUDERDALE, Fla., Jan. 31, 2012 /PRNewswire/ -- Upstream Worldwide, Inc. d/b/a uSell.com (OTCBB:UPST), today announced that it has appointed consumer marketing and management veteran Sergio Zyman as executive chairman of the board of Upstream Worldwide, effective today.
Michael Brauser, who has served as non-executive chairman, will continue in his current role. Under his recent leadership, and with Zyman as lead investor, the company also announced that it has sold $5.7 million worth of new equity. For a description of the terms of the private placement, please refer to the Form 8-K filed today with the SEC.
As executive chairman, Zyman will work with CEO Douglas Feirstein and his management team as the company seeks to build on uSell.com's position as a leading marketplace for consumers who want to sell their smart phones and electronics online.
Zyman is one of the world's foremost marketing experts, perhaps best known for putting the fizz back into Coca-Cola's fortunes in the 1980s and 1990s during two tenures with the company, the most recent as the first-ever Chief Marketing Officer at Coca-Cola.
"I've been scouting for opportunities over the last few years," Zyman says, "and I've finally found one that promises to be 'the big one.' The tremendous growth in smart phones and the inventory created by the new ones presents an enormous potential for uSell. I am lucky to be their new executive chairman."
Zyman founded a preeminent marketing strategy ﬁrm and has authored four books, including two international best-sellers. He was also named one of the Top Three marketing pitchmen of the 20th century by Time magazine.
"We are thrilled to have Sergio join our team," Feirstein said. "With his extensive expertise in consumer marketing, coupled with the simultaneous influx of capital and the power of the uSell platform, we are confident that uSell will establish itself as the authority on used phone prices and become the leading destination to start the process of selling old phones quickly."
The company has already created a successful marketplace website in uSell.com, where consumers can search for and find the value of the cell phones and electronics they are looking to sell. uSell instantly shows them what their devices are really worth and connects them with multiple buyers for the devices from among the respected businesses that the site partners with.
uSell.com is the smarter way to sell a smart phone. The company's website, uSell.com, is the marketplace for selling used smart phones and electronics to established, trusted companies. The site helps customers find out what their smart phones and electronics are worth, find a buyer, and sell them quickly and safely. uSell is a subsidiary of Upstream Worldwide, Inc., a publicly traded company headquartered in Ft. Lauderdale, FL. For more information please, visit www.uSell.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements including the enormous potential and opportunities for the company and becoming the leading destination to start the process of selling old phones quickly. 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 induce consumers to visit uSell's website and sell their phones on its marketplace platform, ineffective marketing and media campaigns, and competition.
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.
SOURCE Upstream Worldwide, Inc.