It appears to me that what you have is a tapping machine, not a drill press. The chuck on it is designed to hold taps, not drills.
Tapping machines rotate in the standard direction as you press the tool downward, but when you go to remove the tool from the hole by lifting on it, the spindle will reverse direction so that the tap exits the now threaded hole.
Could it be used as a drill press?? Probably, but it might be a little hard on the little clutches inside the head.
Tapping machines normally have a hefty pricetag, so you might be able to sell it and then purchase a very nice heavy duty drill press and still have money left over.