TARRYTOWN, N.Y., Aug. 24, 2011 (GLOBE NEWSWIRE) -- Debt Resolve, Inc. (OTCBB :DRSV) today provided a shareholder update and announced its six month 2011 financial results. Revenues totaled $68,451 and $60,292 for the six months ended June 30, 2011 and 2010, respectively. Payroll and related expenses amounted to $458,822 for the six months ended June 30, 2011, as compared to $1,222,237 for the six months ended June 30, 2010, a decrease of $763,415. General and administrative expenses amounted to $505,742 for the six months ended June 30, 2011, as compared to $1,735,392 for the six months ended June 30, 2010, a decrease of $1,229,650. The cost decreases were the result of lower non-cash charges required by Generally Accepted Accounting Principles.
The Company's restructuring effort is winding down. Debt on the balance sheet has been significantly reduced by $8 million of the pre-2010 debt, and the sales and marketing effort has been completely reconfigured. During the restructuring we also made important modifications in the functionality of our solutions and simplified our client integration process from 30 days down to 7 days for the basic implementation.
The strategy of restructuring and re-launching the Debt Resolve solutions has positioned the company to develop our strongest prospective client pipeline in the company's history. We changed our sales and marketing effort to focus on small and mid-size companies in the collection industry like collection agencies and law firms. In the last six months we also focused on forming new partnerships or vendor relationships with significant industry providers, including Collect One, Regal Technologies, Collect Tech, e-Complish, eCollections, SunGard, PayNearMe and Uni-Collect 2000. All of our relationships are proven leaders in the payment solutions, software collections and analytics field. The partnerships allow us to directly market the Debt Resolve solution with the endorsement of our integrated partners to their existing client base. Our current partner client base exceeds 1,000 agencies, debt buyers and original issuers that are currently users of our partners' products or services.
Debt Resolve has also restarted directly marketing our solutions at trade shows by attending the ACA International conference in July and sponsoring the Collect One user conference in August. Regal Technologies, our leading partner on the payment solution space, attended the Latitude user conference in August and highlighted the integration of Debt Resolve with their Host Pay solution. The response has been extremely impressive, and we anticipate continuing to directly market the DR solution aggressively with a full schedule of fall conferences.
The addition of Michael Cassella has significantly improved our sales bandwidth and strategy and our marketing materials.
Management at Debt Resolve would like to thank our shareholders and investors for their continued support and patience over the last few years. We are committed to increasing shareholder value by driving rapid revenue growth and getting the Company to profitability as soon as possible.
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 consumer debt as well as a collections and skip tracing solution that is effective at every stage of collection and recovery. 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 Tarrytown, 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. 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 http://www.b2i.us/irpass.asp?BzID=1976&to=ea&s=0.