Debt Resolve and PayNearMe enters into a marketing partnership


On Thursday August 18, 2011, Debt Resolve, Inc.   (OTC:DRSV), provider of well secured web-based platforms for online bidding and payment to consumer lenders, debt buyers, collection agencies, collection law firms, hospitals, financial and healthcare industries, announced its entrance into a marketing partnership with PayNearMe, the cash transaction network.

PayNearMe enables convenient cash payment facility to its consumers at local stores for a wide range of goods and services from leading companies such as e-commerce, consumer finance, transportation and more. In the respective partnership, PayNearMe will be marketing the Debt Resolve solutions to its clients.

Michael Cassella, Chief Operating Officer of Debt Resolve, Inc. exclaimed that the said partnership with PayNearMe has been established considering the ever increasing demand for more convenient solutions for all services. Thus the partnership aims to offer significant payment solution,by enabling their clients to provide their consumers with the option of making payments at 6,200 7-Eleven stores when settling their accounts with the Debt Resolve solution.

Shares of DRSV fell 5% to $0.19 in today’s session with more than 28K shares already traded so far, compared to its average volume of 38K shares. The company has a market capitalization of $15.24 million. The company had total outstanding shares of 80.22 million.

For the quarter ended, the company has reported a loss of $0.62 million or a penny a share with revenue of $0.04. The company had total assets of $0.17 million, while total shareholder’s deficit of $69.67 million.

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