$1.3 billion placed into the DebtResolve system in the third quarter
(Nearly one million accounts);
DR moves from pilot phase into revenue production
WHITE PLAINS, N.Y., October 8 /CNW/ - Debt Resolve, Inc. (AMEX: DRV),
announced today its plans for the remainder of 2007:
Moves from pilot stage into revenue production:
-- During its pilot phase, Debt Resolve's system has processed over 15
million accounts (including credit card, auto finance, and healthcare) with a
face value of over $15 billion.
-- $1.3 billion has been placed into the DebtResolve system in the third
-- Existing clients are moving from pilot phase into revenue production.
For example, one of Debt Resolve's clients, a top-10 U.S. bank, has gone from
pilot phase into production in multiple lines of business.
-- Debt Resolve continues to enter into new contracts in the U.S. and
the U.K. markets.
Continues entry into the U.K., Europe and other international markets:
-- Debt Resolve continues to aggressively market its products in the
U.K. in partnership with fasEo.
-- Debt Resolve recently entered the Benelux (Belgium, The Netherlands
and Luxembourg) region in partnership with ODC (Online Debt Collection) Tools.
This partnership was announced in September.
-- Debt Resolve is discussing partnerships in other international
markets, including France, Germany, Australia and Asia.
Continues to pursue strategic acquisitions:
-- Debt Resolve is aggressively pursuing other strategic transactions
that complement and strengthen its internet solution.
Continues to pursue additional new product launches and product
-- Debt Resolve has created an integrated collection platform for the
servicing and collection of defaulted mortgage debt including prime, mid-prime
and sub-prime defaults. The platform combines Debt Resolve's online patented
collection tools, including its DRDefault product, with First Performance's
collection system. First Performance will offer debtors Debt Resolve's
internet products as a new channel to maximize liquidation results.
-- The Debt Resolve site has been translated into multiple languages and
can settle in any language and currency.
-- The Debt Resolve platform is currently being transformed and enhanced
for international markets.
Continues to receive patents that have widespread implications on the
-- Debt Resolve received U.S. Patent (No. 7,249,114; '114 Patent), which
grants the company the method and system by which the creditor may offer
multiple payment options to a debtor (including PayPal, Western Union, credit
cards, checks, electronic funds transfer, debit cards, or balance transfer
cards); the ability to automatically make an immediate payment or initiate an
immediate transfer of the settlement payment online by use of a credit / debit
/ charge / entertainment card or smart card, stored value card, online
creditable purse or module, or another online-accessible way; and a process by
which a debtor can settle and pay with multiple creditors during a given
session utilizing the DebtResolve system in one or multiple rounds which may
include a power round or a facilitation message.
About Debt Resolve, Inc.
Debt Resolve provides lenders, collection agencies, debt buyers and
utilities with a patented online bidding system for the resolution and
settlement of consumer debt and a collections and skip tracing solution that
is effective at every stage of collection and recovery. Through its
subsidiary, DRV Capital, LLC, the company is actively engaged in the purchase
and collections of distressed accounts receivable using its own collections
solutions. Through its subsidiary, First Performance Corporation, the company
is actively engaged in operating a collection agency for the benefit of its
clients, which include banks, finance companies and purchasers of distressed
accounts receivable. The stock of Debt Resolve is traded on the American Stock
Exchange. Debt Resolve is headquartered in White Plains, New York. For more
information, please visit our website at www.debtresolve.com.
Forward-Looking Statements and Disclaimer
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 information includes, without
limitation, the business outlook, assessment of market conditions, anticipated
financial and operating results, strategies, future plans, contingencies and
contemplated transactions of the company. 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, or the performance or achievements of the
company, or industry results, to differ materially from those expressed or
implied by the forward-looking statements. In addition to any such risks,
uncertainties and other factors discussed elsewhere in this press release,
risks, uncertainties and other factors that could cause or contribute to
actual results differing materially from those expressed or implied by the
forward-looking statements include, but are not limited to, events or
circumstances which affect the ability of Debt Resolve to realize improvements
in operating earnings expected from the acquisition of First Performance and
the contemplated acquisition of Creditors Interchange; competitive pricing for
the company's products and services; fluctuations in demand for the company's
products or services; changes to economic growth in the United States and
international economies; government policies and regulations, including, but
not limited to those affecting the collection of consumer debt; adverse
results in current or future litigation; currency movements; and other risk
factors discussed in the company's Annual Report on Form 10-KSB for the year
ended December 31, 2006, and in other filings made from time to time with the
SEC. 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, however, to consult any further
disclosures made on related subjects in the company's reports filed with the
It is time for us to return our full attention to executing our strategic
plan and continuing to build our core business. In order to return to our core
business, I am announcing that DRV Capital will no longer be actively buying
defaulted consumer debt portfolios.
For further information:
For further information: Debt Resolve, Inc. Ehmonie Hainey, 914-949-5500
x228 firstname.lastname@example.org or Investors: BPC Financial Marketing John