TARRYTOWN, N.Y., Nov. 18, 2010 (GLOBE NEWSWIRE) -- Debt Resolve, Inc. (OTCBB:DRSV) announced today that U.S. Patent No. 7,831,523 ('523 Patent) dated November 9, 2010, was issued to Debt Resolve through its non-revocable worldwide license, for the settlement of consumer debt. This patent follows four other historic patents for online dispute resolution including U.S. Patent – No. 6,330,551 dated December 11, 2001, U.S. Patent – No. 6,850,918 dated February 1, 2005, U.S. Patent – No. 6,594,741 dated October 11, 2005 and U.S. Patent – No. 7,249,114 dated July 24, 2007.
The '523 Patent grants Debt Resolve "a method and system for automated bargaining in a round by round manner. The method and system are capable of multiple rounds. The method and system are used in testing non-equal values in normal rounds for satisfaction of a predetermined criterion. If the criterion is not satisfied in the normal rounds, power round values are tested for satisfaction of a power round criterion. If the power round criterion is satisfied, a binding bargained payment is calculated. Additional options involve an automated facilitator, windfalls to initiators, automatic payment initiation, multiparty aggregation and automatic agreement document generation."
President and CFO David Rainey of Debt Resolve stated: "The new '523 Patent continues to expand the patent protection enjoyed by our web-based solutions. We are delighted that the U.S. Patent Office has granted us this fifth patent which further strengthens our intellectual property and is a barrier to entry to others in the online settlement of debt. We intend to vigorously protect our rights under the patent cluster."
About Debt Resolve, Inc.
Debt Resolve provides lenders, collection agencies, collection law firms, debt buyers 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 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.