TARRYTOWN, N.Y., May 18, 2012 (GLOBE NEWSWIRE) -- Debt Resolve, Inc. (OTCBB:DRSV) today provided a shareholder update and announced its fiscal year 2011 financial results. Revenues totaled $138,897 and $127,332 for the years ended December 31, 2011 and 2010, respectively. Revenue increased by approximately 50% in December 2011 to $16,131 from $10,646 in November 2011 as revenue from new clients began to improve results.
Payroll and related expenses amounted to $819,312 for the year ended December 31, 2011, as compared to $1,506,559 for the year ended December 31, 2010, a 45% decrease of $687,247. General and administrative expenses amounted to $687,857 for the year ended December 31, 2011, as compared to $3,008,644 for the year ended December 31, 2010, a decrease of 75% or $2,320,787. The cost decreases were the result of lower stock compensation expenses to employees and consultants in 2011, lower cash consultant fees in 2011, and lower non-cash charges related to note conversions in 2010. There were no conversions in 2011.
The new strategy of establishing key industry distribution partnerships launched during 2011 is now delivering increased revenue from our partners' client bases. Our new partnerships include Collect One, Regal Technologies, Billing Tree, Resolution Services Group and other large industry providers as announced. All of our partners are proven leaders in their respective vertical markets including the payment solutions, collections software, revenue cycle management and analytics fields. The partnerships provide an endorsement from and the marketing resources of these partners.
Since January 1, 2012, we have added 10 new clients as a result of our increased sales effort and new partnerships. From January to April, we have loaded over 687,000 accounts with a face value of over $1.5 billion on our solutions. Recently, we held a joint Billing Tree / Debt Resolve WebEx demonstration for 53 participants and have broken the 100 registrations mark including playback requests. Also, a top retail client of our partner Resolution Services Group that has over $700 million in annual sales converted from the TaxSeasonSettlements solution to a full white label DR Collect™ solution.
David M. Rainey, Debt Resolve's President and Chief Financial Officer, stated, "We expect revenue to increase steadily throughout 2012. In our Form 10-K for the years ended December 31, 2011 and 2010, we stated that we expect our 2012 revenue to accelerate as a result of our new contracts, some expansion with existing clients and getting more clients as the year progresses from our rapidly growing sales pipeline. We stated in our January 2012 shareholder update that we expect at this time to achieve record revenue for 2012."
Management at Debt Resolve would like to thank our 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 make the Company profitable at the earliest practical date.
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 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 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. 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.