WHITE PLAINS, NY / CRWEPRESSRELEASE / August 18, 2015 /Debt Resolve, Inc. (OTCMKTS:DRSV) today announced that its Form 10-Q filing for Q2 2015 reported revenues of $1,439,674, the highest quarterly revenues in the company’s history, representing a revenue increase in excess of 300% over the previous quarter. In addition, the company reported a quarterly operating income of $277,665, the first time the company has achieved a positive quarterly operating income since its inception. Net income for the quarter was $627,187.
“This second consecutive quarter of growth in revenue and net income continues to validate our new strategy as laid out in our recent public filings.” said Stan Freimuth, Debt Resolve’s CEO, “These results are mainly attributable to the growth in our joint venture, Progress Advocates LLC.” Freimuth added, “We look forward to reporting continuing revenue growth going forward as Progress Advocates establishes a leadership position in its industry and as we launch other new initiatives in 2015.”
“Our rapid growth in the second quarter was a result of great work by the Progress Advocates team,” said Scott Smith, COO of Progress Advocates. “Our management remains focused on the execution of our business plan and continuing our profitable growth.”
About Debt Resolve, Inc.
Debt Resolve’s traditional 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, as well as collection solutions that are effective at 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 services for federal student loan modification and consolidation. The company also provides web-based payment platforms for the financial and healthcare industries. The company is publicly held and trades on the OTC Markets under the symbol DRSV. Debt Resolve is headquartered in White Plains, New York.
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.
Debt Resolve, Inc.
(914) 949-5500 x218
SOURCE: Debt Resolve, Inc.