[ACCESSWIRE]
WHITE PLAINS, NY / ACCESSWIRE / November 18, 2016 / Debt Resolve, Inc. (OTC Markets: DRSV) today announced that its Form 10-Q filing for Q3 2016 reported revenues of $1,336,870, an increase of 384% over the previous quarter. Operating loss for the quarter was ($8,416) which compares to an operating loss of ($411,667), in the previous quarter. Net loss for the quarter ending 9/30/2016 was ($497,444) which compares to a Net loss for the previous quarter of ($504,220).
"We are excited by the fabulous start of our majority owned joint venture, Student Loan Care LLC," said Bruce Bellmare, Debt Resolve's CEO. "From commencing operations in June 2016, they delivered 4 consecutive months of increased revenue and 3 consecutive months of increased operating income. During this quarter, Student Loan Care averaged a 45% monthly revenue growth and increased operating income commensurately. While maintaining this rate of growth over the long term will be challenging, we are excited by our positioning for continued growth in this market."
"We are extremely excited and proud of the fast and successful start we have made," said Jeffrey Da Pra, COO of Student Loan Care LLC "and we are very happy with the first few months of our relationship with Debt Resolve. Their financial and managerial support has enhanced our ability to move forward quickly and to assist in the development of future enhancements to our business model."
Mr. Bellmare added, "The successful performance of Student Loan Care validates the strength of our joint venture strategy, previously delineated in our public filings. We anticipate introducing additional new joint ventures over the course of the next year."
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 submission services for loan modification and consolidation of federal student loans. The company is publicly held and trades on the OTC Markets 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:
Wayne Travis
Debt Resolve, Inc.
wtravis@debtresolve.com
(914) 949-5500 x238
SOURCE: Debt Resolve, Inc.