Debt Resolve Announces Q1 2007 and Fiscal Year 2006 Earnings

Debt Resolve, Inc. released its preliminary results for the first quarter 2007 and fiscal year 2006, as well as projections of financial results expected following its acquisition of Creditors Interchange Receivable Management, LLC.

Creditors Interchange Acquisition – Financial Projections

As described in a press release issued on May 1, 2007, and in a current report on Form 8-K filed on May 3, 2007, Debt Resolve has entered into a definitive agreement to acquire Creditors Interchange Receivable Management, LLC (“Creditors Interchange”), a leading accounts receivable management (“ARM”) agency. The transaction price is $60 million in cash and $4 million of Debt Resolve common stock. The consideration was determined as a result of arm’s length negotiations between the parties and the acquisition is scheduled to close no later than June 30, 2007, subject to, among other things, shareholder approval of the acquisition and the Company securing financing relating to the acquisition.

James D. Burchetta, Co-Chairman and Chief Executive Officer of Debt Resolve, commented: “We are very excited about Creditors Interchange joining with Debt Resolve to become a premier, one-stop provider of accounts receivable management services. As the projected income statement shows, we anticipate that this union will create a financially successful, advanced, comprehensive, one-stop accounts receivable management company.”

The full release can be found here.