MASSAPEQUA, N.Y., Aug. 23, 2012 /PRNewswire/ -- Debt Resolve, Inc. (OTCBB: DRSV) released its 2nd Quarter Form 10-Q on August 20, 2012, and is today providing a shareholder update and summary review of its financial results for the first six months of 2012.
Results for the first six months of 2012 compared to the first six months of 2011
- Revenues for the 2012 first six months improved by more than 25% over the same period of the previous year, as revenue from new clients began to be recognized in the company's results;
- Payroll and related expenses decreased by over 14% in the first six months of 2012 versus the first six months of 2011; and
- General and administrative expenses were slashed by more than 38% for the period compared to the first half of 2012.
"We are thrilled Debt Resolve has joined our family of capability partners. With many of our clients asking about debt negotiation capability, we look forward to making this technology available to our growing roster of customers," says PaymentVision's CEO Robert Pollin. "Since this Debt Resolve solution is hosted out of our certified PCI Level-1 data center in Dulles, VA, mutual customers are now able to offer automated debt resolution through double-blind bidding, followed by ultra-secure payments delivered through PaymentVision."
Keane Kulak, Regional Director of Bradford-Scott, said, "Partnering with Debt Resolve will allow us to provide our members even more opportunity when it comes to integrated solutions. We are looking forward to making this technology available to our credit unions and their members."
"Partnering with Debt Resolve enables us to add even more value to our financial software products," said Cyndy Stone, Shaw Systems' Chief Operating Officer. "These technologies will deliver a world-class solution that helps companies service loans and resolve and settle late-stage consumer debt."
Management of Debt Resolve has established many new and significant partnership relationships over the past 14 months. The company intends to accelerate its strategy of working closely with its strategic partners to introduce and incorporate the Debt Resolve functionality into the partners' solutions for their established client base. "The strategy of the company is proving to be successful and management is very encouraged by the reaction from the market place," stated Debt Resolve CEO Michael Cassella.
Debt Resolve continues to expand within the financial services sector and has successfully implemented its solution within the Retail, Debt Buyer and Collection Agency markets. The company is aggressively pursuing opportunities in the Medical, Municipal, Legal and Utility markets and expects to further expand into new verticals.
Debt Resolve would like to thank its shareholders and investors for their continued support and patience as we grow in 2012. We are entirely focused on achieving new revenue as quickly as possible to achieve profitability at the earliest time.
About Debt Resolve, Inc.
Debt Resolve provides consumer lenders, debt buyers, collection agencies, collection law firms and hospitals with a patent-protected online bidding system for the resolution and settlement of late stage consumer debt, as well as other collections and skip tracing solutions for earlier stage debt or for such specialized clients as collection agencies and law firms. The company also provides web-based payment platforms for the financial and healthcare industries. The company is publicly held and trades on the OTC Bulletin Board under the symbol DRSV. Debt Resolve is headquartered in Massapequa, 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 varying significantly and materially from anticipated results. Debt Resolve undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by SEC rules. 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.
Press Contact & Investor Relations: Michael Cassell
(914) 949-5500 x240
SOURCE Debt Resolve, Inc.