Archive for the ‘Debt Resolve Inc. DRV’ Category

Debt Resolve, Inc. (DRV) Appoints Kenneth Montgomery Chief Executive Officer

Tuesday, January 29th, 2008

Debt Resolve, Inc. announced today that co-chairman and chief executive officer, James D. Burchetta, has elected to step down from his position, as planned after the one-year anniversary of the company’s initial public offering (IPO), and Kenneth Montgomery will replace him as CEO, effective February 16, 2008. Mr. Burchetta has been appointed chairman of the board and founder and will remain actively involved with senior management. His additional responsibilities will include overseeing investor relations, corporate strategy and product development.

With more than 25 years in the financial services industry, Mr. Montgomery has managed assets totaling over $4 billion and has held executive positions with IBM, Chemical Bank (now J.P. Morgan Chase), Putnam and Prudential. Mr. Montgomery’s immediate plans include expanding distribution of Debt Resolve’s patent-based online collections tool and stimulating revenue growth.

Debt Resolve also announced today that David M. Rainey, chief financial officer, has been named president. Mr. Rainey joined Debt Resolve as CFO in March 2007, bringing with him more than 19 years of financial experience at publicly traded companies. Mr. Rainey’s promotion will help accelerate the improvement of the company’s operating and financial performance.

Further board changes include the announcement that Charles S. Brofman has stepped down from his position as co-chairman but will remain an active member of the board of directors, and Jeffrey S. Bernstein has stepped down as a board member to assist the company as a consultant in the areas of business development and collection strategy.

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Debt Resolve, Inc.’s (DRV) Patented Technology to Resolve Consumer Debt Quickly

Tuesday, January 29th, 2008

Debt Resolve, Inc., a leader and innovator in the asset receivables management industry, develops and markets web collection technology under the brand name DebtResolve®. This private, online patented technology provides lenders and other collectors with a web-based bidding system for the resolution and settlement of consumer debt.

The DebtResolve® software system is delivered in an ASP environment and can be private-labeled for use across multiple sectors and various industries for collections activities. This technology brings delinquent borrowers and lenders together over the Internet to resolve outstanding debt. The debtor goes online, chooses one of the options presented by the collector, and uses the DebtResolve® system to settle the account or make a payment.

The DebtResolve® system is currently being utilized by auto lenders, banks, credit card issuers, commercial banks, retail catalogues, and law firms and other collection-based services. Headquartered in White Plains, New York, Debt Resolve, Inc. is traded on the American Stock Exchange (AMEX) under the symbol DRV.

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