Notice of Termination sent to Stockholders of Creditors Interchange
WHITE PLAINS, N.Y., September 24 /CNW/ - Debt Resolve, Inc. (AMEX: DRV)
announced today that it has provided notice to the stockholders of Creditors
Interchange, Inc. ("Creditors Interchange") of its decision to terminate the
agreement to acquire Creditors Interchange, effective immediately.
In the notice of termination Debt Resolve sent to Creditors Interchange's
parent, Credint Holdings, LLC, Debt Resolve indicated its decision to
terminate was due to Creditors Interchange's breach of its representations and
warranties under the purchase agreement related to its financial condition as
well as the existence of a material adverse change in the financial condition
of Creditors Interchange.
Debt Resolve initially entered into a purchase agreement with Credint
Holdings, LLC to acquire Creditors Interchange on April 30, 2007. Debt Resolve
Co-Chairman and CEO, James D. Burchetta said: "We are extremely disappointed
we had to terminate our efforts to acquire Creditors Interchange.
Unfortunately, the deterioration of the financial condition of Creditors
Interchange left us no choice."
Mr. Burchetta added: "We look forward to continuing the growth of our
company organically and through strategic acquisitions in the near future. We
will continue our efforts to raise financing to fund these opportunities as
well as expanding our existing product lines."
About Debt Resolve, Inc.
Debt Resolve provides lenders, collection agencies, debt buyers and
utilities with a patent-based 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. Debt Resolve clients
are able to collect more money from more of their customers at a significantly
lower cost than other online or offline tools. The DebtResolve system was
developed by experts in the consumer credit, Internet technology and
collection industries, and its model makes the system simple to set up and
use. 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 agency also operates as a
R&D platform that intends to support the sale and usage of the company's
software. The stock of Debt Resolve is traded on the American Stock Exchange.
Debt Resolve is headquartered in White Plains, New York. www.debtresolve.com.
This report contains forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934. These forward-looking
statements are based largely on Debt Resolve's expectations and are subject to
a number of risks and uncertainties, certain of which are beyond Debt
Resolve's control. Actual results could differ materially from these
forward-looking statements as a result of, among other factors, risks related
to Debt Resolve's history of opportunity losses and accumulated deficit,
technology development, market acceptance of a virtual collection system,
impact of competitive alternatives and pricing, future capital requirements,
and general economic conditions that are less favorable than expected. In
light of these risks and uncertainties, there can be no assurance that the
forward-looking information contained in this press release will in fact
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the shares of
common stock in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under securities laws of any
For further information:
For further information: Press: Debt Resolve, Inc. Ehmonie Hainey,
914-949-5500 x228 firstname.lastname@example.org or Investor: BPC Financial Marketing
John Baldissera, 800-368-1217