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
AI
