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Debt Resolve Reports Balance Sheet Improvements
Aug 25, 2010 3:05:00 PM
2010 GlobeNewswire, Inc.
TARRYTOWN, N.Y., Aug. 25, 2010 (GLOBE NEWSWIRE) -- Debt Resolve, Inc. (OTCBB:DRSV) has announced its results for the quarter ended June 30, 2010. During this period, the Company reported net income of $5.6 million versus a net loss of $1.2 million in the prior year's comparable period, due to a change in derivative liability for the quarter. The derivative liability gain of $7.1 million partially reversed losses of $10.2 million taken in prior periods for loss on change in derivative liability.
Commenting on the results, Debt Resolve President and CFO David Rainey stated, "We continued to complete the restructuring of our balance sheet by removing more than $500,000 of legacy liabilities via settlement at a discount during the quarter. We expect more liabilities to be removed in the three months ending September 30, 2010. Also, as previously announced, we completed a first closing of a significant equity financing, which provides funds for future operations to increase revenue further."
James Brakke, Debt Resolve CEO, stated, "The fundamentals of the Company continue to improve. Our focus now has changed to rapid revenue growth. We are increasing our efforts with collection agencies and law firms and are moving aggressively into healthcare with hospitals and provider groups."
About Debt Resolve, Inc.
Debt Resolve provides lenders, collection agencies, debt buyers and hospitals with a patent-protected online bidding system for the resolution and settlement of consumer debt, as well as a collections and skip tracing solution that is effective at every stage of collection and recovery. The company is publicly held and its shares are quoted on the OTC Bulletin Board under the symbol DRSV. Amended quarterly reports on Form 10-Q for the periods ended June 30, 2008 and September 30, 2008 will be filed with the SEC to correct an erroneous accounting of common stock issuances, as further discussed in our Form 8-K dated August 14, 2009. Debt Resolve is headquartered in Tarrytown, New York. For more information, visit debtresolve.com.
Forward Looking Statements
Certain statements in this press release and elsewhere by management of the Company that are neither reported financial results nor other historical information are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which may cause or contribute to actual results of the Company's operations. Debt Resolve undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Investors are advised to consult any further disclosures made on related subjects in the Company's reports filed with the SEC. For more information, visit debtresolve.com.
CONTACT: Debt Resolve, Inc.
Press Contact:
David Rainey
(914) 949-5500 begin_of_the_skype_highlighting (914) 949-5500 end_of_the_skype_highlighting x238
drainey@debtresolve.
Debt Resolve helps delinquent borrowers and their lenders – financial institutions, collection agencies, debt buyers and utilities - resolve and settle outstanding debts with dignity, to the mutual satisfaction of both parties and before escalation.
WE LOVE IT! Have a retail market maker for Thursdays opening bell- Cannot wait!
LOVE THIS DEAL-= A REAL DEAL- Taking this back to the AMEX
Thank you World Trade FInancial for the referral- Lets rock this
Nice Press
Debt Resolve Reports Balance Sheet Improvements
TARRYTOWN, N.Y., Aug 25, 2010 (GlobeNewswire via COMTEX) -- Debt Resolve, Inc. /quotes/comstock/11k!drsv (DRSV 0.09, 0.00, 0.00%) has announced its results for the quarter ended June 30, 2010. During this period, the Company reported net income of $5.6 million versus a net loss of $1.2 million in the prior year's comparable period, due to a change in derivative liability for the quarter. The derivative liability gain of $7.1 million partially reversed losses of $10.2 million taken in prior periods for loss on change in derivative liability.
Commenting on the results, Debt Resolve President and CFO David Rainey stated, "We continued to complete the restructuring of our balance sheet by removing more than $500,000 of legacy liabilities via settlement at a discount during the quarter. We expect more liabilities to be removed in the three months ending September 30, 2010. Also, as previously announced, we completed a first closing of a significant equity financing, which provides funds for future operations to increase revenue further."
James Brakke, Debt Resolve CEO, stated, "The fundamentals of the Company continue to improve. Our focus now has changed to rapid revenue growth. We are increasing our efforts with collection agencies and law firms and are moving aggressively into healthcare with hospitals and provider groups."
About Debt Resolve, Inc.
Debt Resolve provides lenders, collection agencies, debt buyers and hospitals with a patent-protected online bidding system for the resolution and settlement of consumer debt, as well as a collections and skip tracing solution that is effective at every stage of collection and recovery. The company is publicly held and its shares are quoted on the OTC Bulletin Board under the symbol DRSV. Amended quarterly reports on Form 10-Q for the periods ended June 30, 2008 and September 30, 2008 will be filed with the SEC to correct an erroneous accounting of common stock issuances, as further discussed in our Form 8-K dated August 14, 2009. Debt Resolve is headquartered in Tarrytown, New York. For more information, visit debtresolve.com.
Forward Looking Statements
Certain statements in this press release and elsewhere by management of the Company that are neither reported financial results nor other historical information are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which may cause or contribute to actual results of the Company's operations. Debt Resolve undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Investors are advised to consult any further disclosures made on related subjects in the Company's reports filed with the SEC. For more information, visit debtresolve.com.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Debt Resolve, Inc.
CONTACT: Debt Resolve, Inc.
Press Contact:
David Rainey
(914) 949-5500 x238
drainey@debtresolve.com
Hey Hey Hey
My friend turned me onto this deal- I love it- My affiliates and partners like it as well- Just kinda quiet-That being said..Lets bring in some buy orders and turn this market out-
. Let me know the positives and lets get ready for a loud week of buying-
Bring the news..Bring the noise---Everyone come together! Lets make some money on this stock..Love a company that has balance sheets
CONNECT
RESOLVE
COLLECT
Yes, the funding news was excellent ... seems like things will only get better from here
im here. hear some nice awareness is coming... i like this one alot. and the funding news is big.
not much awareness on this stock yet, thats the problem
very very quiet day today for drsv------------
DRSV financing means they have operating and expansion capital/budget for the next two years, while previously not having more than two weeks of capital at a time
TODAY DRSV ----SHOULD START TO MOVE ---- IM HEARING ALOT OF GOOD STUFF ON THIS ONE
DRSV-------- MAKING BANK ON BOTH SIDES OF THE TRACK GOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO DRSV
YOU TALKING DRSV-- BUNKER ATTACK-- $$$$$$$$$$$$$$$
Appearing on radar screens , we just need a few to fire a couple of rockets at the ask, and we are golden!!
top the mng === drsv started looking real good yesterday -- lets see more follow through today
DETAILMAN THIS ONE WILL BE A BIG SURPRISE FOR US === DRSV ---GOING TO MAKE US SOME NICE BANK $$$$$$$$$$$$$$$$
.093!! +16%!!!!
offer just went to .093!~~!!
i bought 10k for my position not much its something i would seriousely like to add to my position==this could be huge with the funding they recieved allready
its churning nicely here!
DRSV---- THE GAME HAS BEGUN====================
volume ALERT!!!!!!!!!!!
THIS IS VERY VERY THIN === IF GET SOME SLAPS SHOULD MOVE UP VERY EASILYYYYYYYYYYYYYYYYY
10Q OUT--- THIS IS GOING TO BE A NICE STOCK $$$$$$$$$$$$$$$$$$
will be reading the Q later today... this company provides an excellent service - people will notice it soon.
AS MORE PEOPLE START GETTING NEWS----------------
Resistance @0.0867 - i think we can break past this quickly. Slap that Ask
THE WELL IS HITTING HIGHER WATER LEVELS ---
Man I love that when you take water from both sides of the well!!
good mng -- looking for drsv to start waking up-------------- the concept is good and they sit on both sides -- how can you go wrong== $$$$$$$$$$$$$$$
worth repeating - News from 8/19/2010-
Debt Resolve Closes $1.5 Million Funding Round
Debt Resolve (BB) (OTCBB:DRSV)
Historical Stock Chart
1 Month : July 2010 to August 2010
Debt Resolve, Inc. (OTCBB:DRSV) (the "Company"), provider of the proprietary Debt Resolve® software to major banks and other businesses with large consumer debt portfolios, announced the completion of major financing and the continued restructuring of the balance sheet. The company also announced the addition of Jonathan C. Rich to the Company's Board of Directors.
According to Debt Resolve President and CFO David Rainey, "This critical financing provides significant capital to re-energize and expand our sales and marketing effort and to finish major technology enhancements nearing completion. Also, starting in July 2009, we began to significantly restructure our balance sheet. With this new additional reduction to our balance sheet liabilities, we are near to completing our objective of reducing legacy liabilities to $2 million or less. Finally, we are very pleased to add someone with Jonathan Rich's experience to our Board of Directors. He will be a significant asset to the Company as we plan to grow rapidly."
Completion of major financing
On August 12, 2010, the Company consummated a private placement of an aggregate of 60 units, with each unit consisting of 250,000 shares of our common stock, par value $.001 per share, and a detachable, transferable warrant to purchase common stock, at a purchase price of $25,000 per unit or an aggregate purchase price of $1,500,000, to purchasers that qualified as accredited investors, as defined in Regulation D, pursuant to the terms of a Confidential Private Placement Memorandum dated June 10, 2010. Each warrant entitles the holder to purchase 250,000 shares of common stock at an exercise price of $0.25 per share through August 12, 2015. Debt Resolve expects to use the net proceeds of the private placement to fund sales initiatives, strategic alliances and technology enhancements, and for working capital.
James Brakke, Debt Resolve's CEO and Co-Chairman, stated, "Since becoming CEO, we have worked with several parties to complete this significant financing. The closing represents a milestone in our efforts to complete the restructuring of the Company."
Restructuring of balance sheet
Under the terms of the financing, the Company can use 20% of the proceeds to continue its balance sheet restructuring process. For cash payments of $319,935 (plus minimal accrued interest in some cases), the Company will remove $3,367,609 in additional liabilities from its balance sheet. This amount is in addition to the $6,106,285 reduction previously disclosed in our press release dated March 9, 2010.
Also, Jonathan C. Rich, the Executive Vice President and Head of Investment Banking of National Securities Corporation, was elected to our Board of Directors effective on August 12, 2010.
Mr. Rich, age 41, has been the Executive Vice President and Head of Investment Banking of National Securities Corporation, a full-service investment banking firm, since July 2008. Mr. Rich had been the Executive Vice President and Director of Investment Banking of vFinance Investments, Inc. since July 2005, and assumed his current position with National Securities when vFinance was acquired by National Securities in July 2008. Mr. Rich had previously served as Senior Vice President and Managing Director of Corporate Finance at First Colonial Financial Group since January 2001. First Colonial Financial was, in turn, acquired by vFinance in July 2005. Mr. Rich graduated from Tulane University with an interdisciplinary major in economics, political science, history and philosophy and received a joint J.D. / M.B.A. degree from Fordham University with a concentration in corporate finance.
James Burchetta, Debt Resolve's Co-Chairman, stated, "The Company's focus will now change from restructuring to business development. We will be augmenting our team in this area in the near future, and I welcome Jonathan Rich to the Board and look forward to benefiting from his counsel."
About Debt Resolve, Inc.
Debt Resolve provides lenders, collection agencies, debt buyers and hospitals with a patent-protected online bidding system for the resolution and settlement of consumer debt as well as a collections and skip tracing solution that is effective at every stage of collection and recovery. The company is publicly held and trades on the OTC Bulletin Board under the symbol DRSV. Amended Quarterly Reports on Form 10-Q for the periods ended June 30, 2008 and September 30, 2008 will be filed to correct an erroneous accounting of common stock issuances, as further discussed in the Form 8-K dated August 14, 2009. Debt Resolve is headquartered in Tarrytown, New York. For more information, visit http://www.b2i.us/irpass.asp?BzID=1976&to=ea&s=0.
Forward Looking Statements
Certain statements in this press release and elsewhere by management of the Company that are neither reported financial results nor other historical information are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which may cause or contribute to actual results of the Company's operations. Debt Resolve undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Investors are advised to consult any further disclosures made on related subjects in the Company's reports filed with the SEC. For more information, visit http://www.b2i.us/irpass.asp?BzID=1976&to=ea&s=0.
CONTACT: Debt Resolve, Inc.
Press Contact:
David Rainey
(914) 949-5500 x238
drainey@debtresolve.com
Buyer out numbered sellers on Friday- 56500 in buys -- only 2500 shares sold. Looking for some early action today !
Interesting they have products to service both sides of debt collection industry - collectors & debitors!!
DRSV --- ON RADAR NOW--- POTENTIAL HERE IS ENORMOUS---dding this now -- lets see what we have here -- 1.5 million in funding just finished ---
****RADAR***** great news coming outta this one!
DRSV--- JUST GOT PUT ON MY RADAR FOLKS WATCH CLOSELY
DRSV(.06) .0425x.06
She's moved all the way up to .17 on nothing but a little coordination right infromt of my eyes~ Some news and interest and this one will grow legs
this is on my screen - hearing news very soon.....
DRSV Chomp Chomp. Anyone adding amd holding this level will be a happy camper soon imho. Timr to gas up the Winnebago and take this baby on the road>>>>
nice 50k block buy....
Easily to .10-.35 capability by watching this one for some time now. Certain that whom ever it the repetitive .06 seller is not in this for the long term. The co and it's Debt programs are unparalleled>>just a matter of time till this gets into the SpotLight
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Debt Resolve, Inc. is both a technology services company and a leader and innovator in the asset receivables management industry. We develop and market our patent-based web collection technology under the brand name DebtResolve®.
We are headquartered in Tarrytown, NY and trade on the OTC under the symbol DRSV.PK.
Our flagship product is our DebtResolve® software system – an online collections tool, delivered in an ASP environment and private-labeled for use across multiple segments of the collections industry. It allows any stage of debtor to self-cure online and features our patented online bidding system that maximizes the settlement process. It is licensed to banks and other credit originators, credit card issuers and third-party collection agencies, as well as assignees and buyers of charged-off consumer debt.
DebtResolve incorporates certain of the same patented bidding technology used by Cybersettle and has an exclusive license to use the systems and methods covered by the associated patents (U.S. Patent Nos. 6,330,551, 6,850,918, 6,954,741, and 7,249,114 and foreign patents) for the collection of consumer debt in the US and internationally.
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