Debt Resolve to Delist From AMEX, Trade Over the Counter
The online collection system firm said that it will not appeal an AMEX decision to delist its stock. Debt Resolve will apply to trade on the OTC Bulletin Board.
Online debt collection technology provider Debt Resolve said Friday that it would not appeal a decision by the American Stock Exchange to remove its stock from trading on its board.
White Plains, N.Y.-based Debt Resolve said that it had advised the exchange that it will allow its securities to be removed from listing and registration on AMEX. Debt Resolve will apply to have its stock traded on the Over the Counter (OTC) Bulletin Board.
CEO Ken Montgomery said in a statement, "We decided that it was in the best interest of our shareholders not to incur the expense and time of further appeals from the Amex Panel determination. I am excited about the future of Debt Resolve and becoming an active Board member. We intend to continue to grow the Company. At this time of increased debts and collection costs, Debt Resolve is perfectly situated to take advantage of current market conditions here and abroad."
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Debt Resolve has faced delisting since a deal to sell $7 million of its stock to an investor fell through earlier in the year (“Debt Resolve Announces Delay in $7 Million Funding, AMEX Delisting,” June 12). The delay and subsequent cancellation of funding in the deal caused Debt Resolve to dramatically shift its business strategy last month (“Debt Resolve Shifts Business Strategy, Closes Collection Agency,” Aug. 21).
The company also announced Friday that that Lawrence Dwyer and Michael Carey have resigned as Directors, and that Montgomery has agreed to join the Board to fill a vacancy. Debt Resolve will seek shareholder approval for an additional Board member.
Debt Resolve further announced the need to reschedule the conference for Debt Resolve's new consumer product, "iSettleNow.com." Montgomery stated, "We have received overwhelming responses from creditors and interested parties for our new offering, and have decided to host our conference on a different date and at a larger location to accommodate the many companies who wish to attend.”
Debt Resolve provides lenders, collection agencies, debt buyers and collection law firms with a patent-based online bidding system for the resolution and settlement of consumer debt and a collections and skip tracing solution that it says is effective at every stage of collection and recovery.
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Comments
Comment from Anonymous on September 30, 2008 at 4:12PM EST
The truth is, they didn't have any interested parties in their latest smoke and mirrors game, called iSettleNow, and so the excuse around venue and rescheduling is amusing. Talk on the street is that they are getting sued by former employees, and have a large crowd of angry creditors who have not been paid. They acquired First Performance during early 2007 for a disclosed $4m + stock, and lost their entire investment after running the business into the ground during the summer, never getting a dime for the assets.
Comment from Anonymous on November 7, 2008 at 3:03AM EST
I vaguely remember the articles about their previous venture. What concerns me is why do they need to create a new name instead of revamping the old one unless it had that poor of a reputation. Isn't the purpose of this new site the same as the old one?