TARRYTOWN, N.Y., Dec. 22, 2010 (GLOBE NEWSWIRE) -- Debt Resolve, Inc. (OTCBB:DRSV) (the "Company") announced that on December 21, 2010, a valuation of the Company's patent license was completed by Rosen Seymour Shapss Martin & Company, valuation specialists, profitability consultants and independent certified public accountants, with respect to the estimated fair value of the Company's amended and restated limited license agreement covering certain U.S. patents that form the basis of the Company's DebtResolve® online bidding system for the resolution and settlement of consumer debt. The estimated fair value of the license agreement is $13.3 million.
The patented technology, which is used in our DR Settle™ and DR Collect™ solutions, differentiates our offerings from all other web collections tools in the marketplace. The DebtResolve solutions are known for their unique features, ease of use and affordability.
The licensed usage is limited to the creation of software and other code enabling an automated system used solely for the settlement and collection of delinquent, defaulted and other types of credit card receivables and all other forms of consumer debt. The license agreement now covers U.S. Patent – No. 6,330,551 dated December 11, 2001, U.S. Patent – No. 6,850,918 dated February 1, 2005, U.S. Patent – No. 6,594,741 dated October 11, 2005, U.S. Patent – No. 7,249,114 dated July 24, 2007 and U.S. Patent – No. 7,831,523 dated November 9, 2010.
David Rainey, Debt Resolve's President and CFO, stated, "This valuation confirms the significant value represented by the patented technology underlining our DR Settle and DR Collect solutions. We look forward to continuing to enhance all of our solutions to provide industry leading web collection technologies."
About Debt Resolve, Inc.
Debt Resolve provides lenders, collection agencies, collection law firms, debt buyers and hospitals with a patent-protected online bidding system for the resolution and settlement of consumer debt as well as a collections and skip tracing solution that is effective at every stage of collection and recovery. 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 .
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. 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 .
CONTACT: Debt Resolve, Inc. David Rainey (914) 949-5500 x238 drainey@debtresolve.com
