EX-99.1
3
v063267_ex99-1.htm
Exhibit
99.1
Press
Release
Source:
Debt Resolve, Inc.
Debt
Resolve, Inc. Acquires First Performance Corp.
Tuesday
January 23, 8:30 am ET
Acquisition
to Strengthen Debt Resolve's Global Online Collections
Strategy
WHITE
PLAINS, N.Y.--(BUSINESS WIRE)--Debt Resolve, Inc. (AMEX: DRV
-
News),
announced today that it has acquired all of the outstanding shares of First
Performance Corporation(TM)("FPC") for a combination of cash and Debt Resolve
stock. Founded in 1997, FPC, a well-known accounts receivable management (ARM)
agency, has diverse experience across a range of industries, including bankcard,
retail, oil cards, mortgage and prime and sub-prime automotive and has earned
a
reputation as a premier agency providing services to top 10 banks, financial
institutions and credit grantors.
James
D.
Burchetta, Debt Resolve's Chairman and CEO, stated, "This strategic acquisition
will strengthen Debt Resolve's global online collections strategy and will
also
provide Debt Resolve with a platform to continue to prove the effectiveness
of
our online system in reducing collection costs and improving performance. In
addition, this acquisition has the potential to contribute significant earnings
to Debt Resolve in the next few years".
Richard
Rosa, Debt Resolve's President and Chief Technology Officer said: "Debt Resolve
will integrate its online patented recovery and collection system and other
"best of breed" new technologies to the already successful FPC collection
platform, including enhanced IVR's, analytics and new-age messaging to embrace
debtors in multiple channels. Our clients, especially other debt buyers and
collections agencies, will be invited to review our results and successes and
hopefully adopt our strategies. Considering the recent emergence of online
collections tools, we expect that much of the software sales channel will be
supported by having the data and results that can only be obtained by having
a
fully functional agency using our patented technologies at the full disposal
of
our clients and prospects".
John
Tonetti, FPC's President, will maintain his current position and will be
assisted during the transition by Howard Knauer, industry veteran and President
of Debt Resolve's debt-buying subsidiary, DRV Capital, and Jeffrey Bernstein,
a
Debt Resolve Board member and CEO of Stratagem Portfolio Services, Inc. Mr.
Tonetti commented, "We are extremely excited to become part of Debt Resolve's
cutting edge collection technology. Debt Resolve's online system offers a
technological advantage; a lead in to many new clients".
FPC
has
established East and West Coast operations in Las Vegas, NV and Ft. Lauderdale,
FL, as well as offshore capabilities. The company maintains a staff of
approximately 100 collectors between the two locations and has capabilities
in
place to quickly grow to over 300 collectors. FPC gross revenues in 2006
exceeded $6 million. Once the transaction is finalized, Debt Resolve will make
available, upon request, a report that details further insights into FPC and
its
role in Debt Resolve's plans for the future.
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. 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 Corp., 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.
1
Forward-Looking
Statement
This
news
release and other public documents and public statements of representatives
of
Debt Resolve, Inc. contain forward-looking statements that are subject to risks
and uncertainties, including, but not limited to, Debt Resolve's limited
operating history, history of significant and continued operating losses and
substantial accumulated earnings deficit, difficulties with its financial
accounting controls, the failure of the market for Debt Resolve's products
to
continue to develop, the inability to obtain additional capital, the inability
to protect Debt Resolve's intellectual property, the loss of any executive
officers or key personnel or consultants, competition, changes in the regulatory
landscape or the imposition of regulations that affect Debt Resolve's products
and other risks detailed from time to time in Debt Resolve's filings with the
U.S. Securities and Exchange Commission, including Debt Resolve's recent
registration statement on Form SB-2. These risks could cause actual results
to
differ materially from those expressed in any forward-looking statements made
by, or on behalf of, Debt Resolve. Debt Resolve assumes no obligation to update
the information contained in this news release.
Contact:
Press:
Debt
Resolve, Inc.
Ehmonie
Hainey, 914-949-5500 x228
ehainey@debtresolve.com
or
Investor:
BPC
Financial Marketing
John
Baldissera, 800-368-1217
___________________________
Source:
Debt Resolve, Inc.
2

EX - 99 . 1 3 v063267 _ ex99 - 1 . htm Exhibit 99 . 1 Press Release Source : Debt Resolve , Inc . Debt Resolve , Inc . Acquires First Performance Corp . Tuesday January 23 , 8 : 30 am ET Acquisition to Strengthen Debt Resolve 's Global Online Collections Strategy WHITE PLAINS , N . Y . -- ( BUSINESS WIRE ) -- Debt Resolve , Inc . ( AMEX : DRV - News ) , announced today that it has acquired all of the outstanding shares of First Performance Corporation ( TM ) ( " FPC " ) for a combination of cash and Debt Resolve stock . Founded in 1997 , FPC , a well - known accounts receivable management ( ARM ) agency , has diverse experience across a range of industries , including bankcard , retail , oil cards , mortgage and prime and sub - prime automotive and has earned a reputation as a premier agency providing services to top 10 banks , financial institutions and credit grantors . James D . Burchetta , Debt Resolve 's Chairman and CEO , stated , " This strategic acquisition will strengthen Debt Resolve 's global online collections strategy and will also provide Debt Resolve with a platform to continue to prove the effectiveness of our online system in reducing collection costs and improving performance . In addition , this acquisition has the potential to contribute significant earnings to Debt Resolve in the next few years " . Richard Rosa , Debt Resolve 's President and Chief Technology Officer said : " Debt Resolve will integrate its online patented recovery and collection system and other " best of breed " new technologies to the already successful FPC collection platform , including enhanced IVR 's , analytics and new - age messaging to embrace debtors in multiple channels . Our clients , especially other debt buyers and collections agencies , will be invited to review our results and successes and hopefully adopt our strategies . Considering the recent emergence of online collections tools , we expect that much of the software sales channel will be supported by having the data and results that can only be obtained by having a fully functional agency using our patented technologies at the full disposal of our clients and prospects " . John Tonetti , FPC 's President , will maintain his current position and will be assisted during the transition by Howard Knauer , industry veteran and President of Debt Resolve 's debt - buying subsidiary , DRV Capital , and Jeffrey Bernstein , a Debt Resolve Board member and CEO of Stratagem Portfolio Services , Inc . Mr . Tonetti commented , " We are extremely excited to become part of Debt Resolve 's cutting edge collection technology . Debt Resolve 's online system offers a technological advantage ; a lead in to many new clients " . FPC has established East and West Coast operations in Las Vegas , NV and Ft . Lauderdale , FL , as well as offshore capabilities . The company maintains a staff of approximately 100 collectors between the two locations and has capabilities in place to quickly grow to over 300 collectors . FPC gross revenues in 2006 exceeded $ 6 million . Once the transaction is finalized , Debt Resolve will make available , upon request , a report that details further insights into FPC and its role in Debt Resolve 's plans for the future . 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 . 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 Corp . , 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 . 1 Forward - Looking Statement This news release and other public documents and public statements of representatives of Debt Resolve , Inc . contain forward - looking statements that are subject to risks and uncertainties , including , but not limited to , Debt Resolve ' s limited operating history , history of significant and continued operating losses and substantial accumulated earnings deficit , difficulties with its financial accounting controls , the failure of the market for Debt Resolve 's products to continue to develop , the inability to obtain additional capital , the inability to protect Debt Resolve 's intellectual property , the loss of any executive officers or key personnel or consultants , competition , changes in the regulatory landscape or the imposition of regulations that affect Debt Resolve 's products and other risks detailed from time to time in Debt Resolve 's filings with the U . S . Securities and Exchange Commission , including Debt Resolve ' s recent registration statement on Form SB - 2 . These risks could cause actual results to differ materially from those expressed in any forward - looking statements made by , or on behalf of , Debt Resolve . Debt Resolve assumes no obligation to update the information contained in this news release . Contact : Press : Debt Resolve , Inc . Ehmonie Hainey , 914 - 949 - 5500 x228 ehainey@debtresolve.com or Investor : BPC Financial Marketing John Baldissera , 800 - 368 - 1217 ___________________________ Source : Debt Resolve , Inc . 2