[ACCESSWIRE]
WHITE PLAINS, NY / ACCESSWIRE / November 17, 2015 / Debt Resolve, Inc. (OTC Pink: DRSV) today announced that its Form 10-Q filing for Q3 2015 reported unaudited record quarterly revenues of $2,242,686, an increase of 56% over the previous quarter, which at that time was the Company's highest revenue quarter. Operating income for the quarter was a record $520,673, an increase of 88% over the previous quarter which was also a record quarter at that time. Net income (loss) for the quarter was $(1,431,702), a reduction in earnings from the $627,187 reported in the previous quarter. This third quarter result reflected an excess derivative liability expense of $1,238,479 as compared to a gain of $267,532 in the previous quarter. The previous quarter also included a one-time gain of $650,319 from the settlement of debt during the second quarter. Excluding these items, the adjusted loss for the current quarter was $(193,223) versus the adjusted loss from the previous quarter of $(290,664). Management is in the process of addressing the excess derivative liability issue.
"We are excited by the continued organic growth in our majority-owned joint venture, Progress Advocates LLC," said Stan Freimuth, Debt Resolve's CEO. "This marks the third consecutive quarter of record revenues and operating income growth. Our unaudited year-to-date revenue of $4.15M and operating income of $181.6k validates the strength of our joint venture strategy, as previously delineated in our public filings. While we anticipate other new joint ventures will be introduced over the course of the next year, additional focus will also be placed on operational efficiencies in our current businesses."
About Debt Resolve, Inc.
Debt Resolve's traditional SaaS business provides 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. The company also provides web-based revenue management platforms for the healthcare industries that include cost-effective collection solutions for every stage of collection and recovery. Progress Advocates LLC is a Debt Resolve Inc. majority-owned joint venture with LSH, LLC and provides documentation preparation and submission services for loan modification and consolidation of federal student loans. The company is publicly held and trades on the OTC Marketplace under the symbol DRSV. Debt Resolve is headquartered in White Plains, New York.
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, except as required by SEC rules. Investors are advised to consult any further disclosures made on related subjects in the Company's reports filed with the SEC.
Investor Relations:
Rene Samson
Debt Resolve, Inc.
rsamson@debtresolve.com
(914) 949-5500 x218
SOURCE: Debt Resolve, Inc.