Debt Resolve Announces the Closing of Its Initial Public Offering

Debt Resolve, Inc. announced today the closing of its initial public offering of 2,500,000 shares of common stock at $5.00 per share for total gross proceeds of $12,500,000. Debt Resolve’s shares began trading on Wednesday, November 1, on the American Stock Exchange (AMEX) under the symbol “DRV.” EKN Financial Services, Inc. acted as the managing underwriter for this offering. National Securities Corporation, Joseph Stevens & Company, Inc. and Maxim Group LLC acted as underwriters for this offering.

Debt Resolve has granted the underwriters a 45-day option to purchase up to an additional 375,000 shares of common stock to cover over-allotments, if any.

Net proceeds from the offering are approximately $10,650,000, and will be $12,375,000 if the underwriters exercise in full their over-allotment option, after deducting underwriting discounts and commissions and estimated offering expenses.

The shares of common stock were issued pursuant to a registration statement on Form SB-2 which was filed with and declared effective by the U.S. Securities and Exchange Commission. The shares of common stock are being offered only by the prospectus contained within such registration statement. A copy of the final prospectus may be obtained from EKN Financial Services, Inc., 410 Park Avenue, New York, New York 10022, telephone: (212) 605-0909.

Debt Resolve provides lenders, collection agencies, debt buyers and utilities a patented online bidding system for the resolution and settlement of consumer debt which can be used at all stages of collection and recovery.