Jun 16 2010
Money4Gold Holdings, Inc. (OTCBB:MFGD), a reverse logistics, direct-from-consumer recycler of precious metals and electronics, announces its name change to Upstream Worldwide, Inc. The Company has filed an application with FINRA to have its symbol changed. The Company's stock symbol remains MFGD and the Company will update investors when the new symbol is approved by FINRA.
The name change reflects the Company's expansion into direct-from-consumer reverse logistics recycling of consumer electronics. This expansion into mobile phones, PDA's and similar handheld consumer electronic devices represents the Company's initial category expansion.
Additionally, the Company is pleased to report positive results from its previously noted restructuring efforts. As a result of a more focused media approach, improved fixed cost structure and positive initial results from its new service offerings, the Company anticipates lower revenues in the second quarter but meaningful bottom line improvement when compared to the first quarter of 2010.
The Company also reports that its initial marketing efforts pertaining to its new service offerings have been producing positive early results. "Initial response to our new service offerings has exceeded expectation," commented Doug Feirstein, chief executive officer of Upstream. "Based on the favorable response, we are very excited about leveraging our core competency of direct-from-consumer reverse logistics to meet the pent up demand in this underserved market. Further, due to the significant size of this underserved market, we are continuing to explore all potential options and relationships to most effectively expand our market stance while best serving our customers."
"Although our service offerings have increased, our core competency of direct-from-consumer reverse logistics remains the same. It is our vision that through focused expansion we will be able to leverage our media buys while working toward a more integrated marketing strategy which in the long-run will increase predictability and profitability in our business model along with long-term growth opportunities."
Source: http://www.Money4Gold.com/