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Debt Resolve Announces Release of New DR Collect(TM)
Major Upgrade Gives Collection Agencies and Law Firms an Online Channel in Days
Oct 26, 2010 7:54:00 AM
2010 GlobeNewswire, Inc.
TARRYTOWN, N.Y., Oct. 26, 2010 (GLOBE NEWSWIRE) -- Debt Resolve, Inc. (OTCBB:DRSV), the provider of the proprietary DebtResolve® software to major banks and other businesses which own or service consumer debt portfolios, today has announced the release of a major upgrade to its software offerings, DR Collect™, the trade name of this new product.
DR Collect, specifically targeted to the collection agency and collection law firm market, allows an agency or law firm to implement a patented online collection channel in a matter of days. These completed upgrades now include a fully automated front end for the implementation of the system as well as the automation of the registration process, the payment process for monthly agency fees and the upload process to load accounts into the system.
The DR Collect system is now capable of importing placement files in almost any format so that clients will no longer have to follow other data standards. Clients can use file formats they already use for other vendors or a standard export from their operating collection floor system. The frequency of upload is also determined by the client. In order to further promote adoption of the DR Collect platform, the Company has implemented a new pricing schedule for the agency and law firm market that is simple and cost effective.
Future upgrades are expected to automate the back end of the system to distribute all reporting back to the agency or law firm with no manual integration and allow limited ability to change the screens to be used by the client. Collectively, we anticipate these upgrades will virtually eliminate the implementation burden for our agency and law firm clients, putting them in control of many aspects of the system.
David Rainey, Debt Resolve's President and CFO, stated, "We have historically provided a 30-day guaranteed installation to our clients. With DR Collect, we have now reduced the implementation time to approximately 7 days from the date of contract with the client for the agency and law firm market. Also, our new pricing makes DR Collect™ the most competitive collection tool and channel in the market. We will be aggressively rolling out this world-class solution to the agency and law firm market through our enhanced sales and marketing organization."
James Brakke, Debt Resolve's Co-Chairman and CEO, stated, "We believe there is no comparable offering to DR Collect™ in the market today. DR Collect is a robust solution that includes all of the traditional advantages of the DebtResolve system and much more. As a company that has refocused on its leading edge technology mission, this upgrade is the first of many to come from the "new" Debt Resolve."
About Debt Resolve, Inc.
Debt Resolve provides lenders, collection agencies, collection law firms, 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. 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
looks ready to start moving over .10
.10's printing, she's thinning boys>>>
5x avg vol .10 pps looking good!
.10 getting hit!!!
DRSV DD>>>
Debt Resolve Inc. A company offering you patented <http://www.debtresolve.com/products_tech.php#patent> technology to resolve consumer debt quickly, privately and with dignity, online.
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?.
Have you ever heard of ?Priceline.com?? a website where people can bid on items from their everyday shopping list to hotel rooms and vacation packages. Now use that same mental model when you think about DRSV! They have a unique technology which allows Top Global Banks to bid on debt!
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 <http://www.debtresolve.com/products_tech.php#patent> 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.
DRSV announced a few major advancements on March 9th 2010
Debt Resolve Announces Signing of Top 5 Global Bank Client Company Also Reports Further Restructuring of Balance Sheet and Additional Financing
TARRYTOWN, NY -- (Marketwire) -- 03/09/10 -- Debt Resolve, Inc. (OTCBB: DRSV) (the "Company"), a leading provider of the proprietary DebtResolve? software to major banks and other businesses with large consumer debt portfolios, announced the acquisition of a major new client, the continuing restructuring of its balance sheet and the completion of further financing.
Client and Product Development
In December 2009, the Company implemented its system with a top five global bank in Asia. The bank operates in over 25 countries in Asia, Africa and the Middle East, and the system was implemented in one Asian country with plans to roll the system out to all countries where the bank operates. In March 2010, the bank agreed to move forward with the implementation in a second country.
In January 2010, Company representatives met with a current client, one of the largest regional banks in the United States. Based on their positive results using the system to date, the client has doubled the number of accounts in the first quarter of 2010 from the number loaded in the fourth quarter of 2009. Our revenue from this client has increased proportionately with the number of new accounts it loads onto the system.
In March 2010, the Company went live with a new collection law firm client.
Restructuring of balance sheet
On September 29, 2009, the Company previously announced an initial successful restructuring of $3,092,689 of the cash liabilities on its balance sheet as of June 30, 2009, the benchmark date for the restructuring process. The Company has continued its restructuring of these liabilities and is pleased to announce that an additional $3,013,596 of liabilities has been restructured. The total amount removed from the balance sheet is now $6,106,285 of liabilities, leaving a balance of $4,400,703 from the original balance of $10,506,988 as of June 30, 2009.
Of the remaining $4,400,703 in liabilities, $1,286,269 is non-cash derivative liability, leaving $3,114,434 in cash liabilities from the Company's balance sheet on June 30, 2009. The items removed from the balance sheet include all of the liabilities of the Company's former subsidiary, First Performance, which was closed on June 30, 2008 and was dissolved by the Board of First Performance on March 3, 2010, the conversion of two older notes to stock and various accounts payable settled at a substantial discount to face value. The Company is continuing to restructure the remaining legacy liabilities and expects to reduce those liabilities to approximately $2 million initially and then discharge the $2 million balance over the next two years through payment arrangements.
Commenting on the announcement, David Rainey, President and Interim CEO of Debt Resolve, stated, "Starting in 2009, an important Company goal was to significantly restructure our balance sheet. We made substantial progress last year and have continued to work to reposition the Company for success. With this additional reduction to our balance sheet liabilities, we are getting closer to completing our objective of reducing legacy liabilities to $2 million or less. These legacy liabilities were incurred prior to mid-2009, our measurement date for the restructuring."
James Burchetta, Debt Resolve's Chairman, stated, "Debt Resolve is determined to restructure the Company into a strong, profitable enterprise. This continued restructuring will assist the Company in this endeavor. The Board has already converted their debt to stock as a strong show of faith in the Company. We are committed to increasing shareholder value."
Completion of additional funding
The Company also announced that it has completed $1,284,959 of interim funding from June 2009 to the present. On October 20, 2009, the Company previously announced the completion of an interim round of funding of $984,959. Subsequent to that date to the present, the Company has closed on additional interim funding of another $300,000. The interim funding consists of 14% convertible debentures with warrant coverage. A portion of this debt was used to retire the debt discussed above. The Company continues to seek permanent funding for its ongoing operations.
Fair Isaac Logo <http://www.fairisaac.com/fic/en>
We have joined Fair Isaac's ScoreNet network. This partnership will allow Fair Isaac's Debt Manager, RMS and Placement Plus clients, along with all other ScoreNet partners, to have access to the DebtResolve system without any need for setting up direct data transfers. Visit website <http://www.fairisaac.com/fic/en> .
?YouveGotClaims Logo <http://www.youvegotclaims.com/acc/>
We are integrating the DebtResolve system with the YouveGotClaims web-based product to create a single administrative platform for the management of debt portfolios sent to law firms for collection litigation. YouveGotClaims is used by hundreds of leading collections law firms in the U.S. Visit website <http://www.youvegotclaims.com/acc/> .
DRSV .10's>>>>>>>>
yup! .10 offer now.....
DRSV(.095) .09x.10
DRSV Ready to go here>>>>>>.
looks good dude.
DRSV Offers Moved +
somethin brewin!!!
.09 loooking nice!!! GREAT VOLUME HERE!!!!!!!!!!!!!!!!!!!!!!!!!!! I LIKE THIS ONE!!!
DRSV(.08) .08x.09 +33.33
told to accumulate some shares here and hold on
DRSV(.08) .08x.08 Ethopian Thinnnnnnnnnnnnn**
12,000 knocks out the .08's DRSV now .08x.10 and thinned way out of here!!!
excellent biz plan and concept here and its perfect niche mkt-----------------------
DRSV-- VERY UNDER VALUED HERE --- time is now to clip some cheapies-----------------
DRSV .10 up today> we've finally seen the .90's get gone!
DRSV loading zone!
this one is going to wake up very soon buddy... bids creeping. im watching it closely.
Sure did T, hope the same for you>>>>> Am prob gonna take the .09's myself shortly if someone else doesn't
DRSV still under the summer slumber.08x.09 man she's thinnnnn
.092!! looking good!
Good morning everyone ... anyone have any thoughts on how this will move beyond Labor Day??
Now that the co has operating capital I bet they continue to add clients and revenues much more agressively
THIS STOCK HAS NOT HIT THE STREETS YET and by that i mean its still virgin has not been tampered with it will do wonderful on its own just with the techs it has look forward to seeing this alot higher
Nice day yesterday, heating up !!
Nice , turn my back for a second and we are about to hit silver!!
starting to wake up!!!!!!!!!!!!1
PR recap.... August 25, 2010 - 4:05 PM EDT
Debt Resolve Reports Balance Sheet Improvements
Aug. 25, 2010 (GlobeNewswire) --
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 x238
drainey@debtresolve.com
Source: Globe Newswire (August 25, 2010 - 4:05 PM EDT)
News by QuoteMedia
Was doing my DD and thinking of joining you fine traders here. What kind of price target if any are we looking at..
What kind of hidden little gem to we have over here!!
DRSV--- chatter starting to heat up=== look this one to be trading alot higher and form nice base after that === $$$$$$$$$$$$
creepin while peeps sleepin!
DRSV .85, & .75 suppourt pushing against top offer> there's lots of room post .10
bids building....
TOP THE MNG == how we doing today drsv-- hopefully comes in with a follow up--- and we can start the move nth
DRSV==-- 10q i suggest everyone look that over real good - we have a pretty nice situation setting up here
this is terrific concept-- as time goes on u will see how important drsv can become especially the way the economy is
DRSV---- MAKING BANK 5.6 MILLION INCOME COMPARED TO PREVIOUS YEAR IS HUGE
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."
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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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