TARRYTOWN, N.Y. — Debt Resolve, Inc. (OTC BB: DRSV) has announced its results for the quarter ended June 30, 2010. During this period, the Company reported net income of $5.6 million versus a net loss of $1.2 million in the prior year’s comparable period, due to a change in derivative liability for the quarter. The derivative liability gain of $7.1 million partially reversed losses of $10.2 million taken in prior periods for loss on change in derivative liability.
Commenting on the results, Debt Resolve President and CFO David Rainey stated, "We continued to complete the restructuring of our balance sheet by removing more than $500,000 of legacy liabilities via settlement at a discount during the quarter. We expect more liabilities to be removed in the three months ending September 30, 2010. Also, as previously announced, we completed a first closing of a significant equity financing, which provides funds for future operations to increase revenue further."
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