PLANTATION, Fla., Nov. 19, 2010 (GLOBE NEWSWIRE) -- DJSP Enterprises, Inc. (Nasdaq:DJSP) (Nasdaq:DJSPW) (Nasdaq:DJSPU) today announced that Stephen J. Bernstein, the Company's Interim Chairman of the Board, has accepted the position of Chairman of the Board, President and Chief Executive Officer of the Company, effective November 19, 2010. He will also serve in a comparable role at the Company's principal subsidiaries, DAL Group, LLC and DJS Processing, LLC.
The Company announced that David J. Stern had resigned as President and Chief Executive Officer and a director of the Company, and an officer and manager of its subsidiaries, to permit Mr. Stern to focus on the operations of his law firm.
"I am prepared to lead the Company through the fundamental changes required for it to adapt to its new operating environment," said Stephen J. Bernstein, Chairman of the Board, President and CEO of the Company. "With continued strong support from a dedicated core management team and loyal employees, we will continue to work to preserve and grow the value we see in the Company."
About DJSP Enterprises, Inc.
DJSP provides a wide range of processing services in connection with mortgages, mortgage defaults, title searches and abstracts, REO (bank-owned) properties, loan modifications, title insurance, loss mitigation, bankruptcy, related litigation and other services. We are headquartered in Plantation, Florida, with additional operations in Louisville, Kentucky and San Juan, Puerto Rico. Our U.S. operations are supported by a scalable, low-cost back office operation in Manila, the Philippines that provides data entry and document preparation support for our U.S. operations.
Forward Looking Statements
This press release contains forward-looking statements about us within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act") Additionally, words such as "anticipate," "believe," "estimate," "expect" and "intend" and other similar expressions are forward-looking statements within the meaning of the Act. Such forward-looking statements are based upon the current beliefs and expectations of our management and are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the ability of the Company to obtain further forbearance agreements from its bank and other creditors, develop ongoing operating plans that will be acceptable to its creditors and successfully develop and implement those plans in a timely manner, so as to permit the Company to continue its business operations; business conditions; changing interpretations of generally accepted accounting principles; outcomes of government or other regulatory reviews, particularly those relating to the regulation of the practice of law; the impact of inquiries, investigations, litigation or other legal proceedings involving us or our principal law firm client; the impact and cost of continued compliance with government or state bar regulations or requirements; legislation or other changes in the regulatory environment, particularly those impacting the mortgage default industry; unexpected changes adversely affecting the businesses in which we are engaged; fluctuations in customer demand; our ability to manage growth and integrate acquisitions; intensity of competition from other providers in the industry; general economic conditions, including improvements in the economic environment that slows or reverses the growth in the number of mortgage defaults, particularly in the State of Florida; the ability to efficiently expand our operations to other states or to provide services we do not currently provide; the impact and cost of complying with applicable U.S. Securities and Exchange Commission ("SEC") rules and regulations; geopolitical events and changes, as well as other relevant risks detailed in our filings with the SEC, including our Annual report on Form 20-F for the period ended December 31, 2009, which are available at the SEC's internet site (http://www.sec.gov). Forward-looking statements in this press release speak only as of the date of the press release, and we assume no obligation to update forward-looking statements or the reasons why actual results could differ.