Debt Resolve Closes $7 Million Investment with Harmonie International, LLC

The Company Announces Fiscal Year 2007 Results

CEO Ken Montgomery Discusses Milestones and Announces Plans for
the Remainder of 2008
WHITE PLAINS, N.Y.--(Business Wire)--
Debt Resolve, Inc. ("Debt Resolve") (AMEX: DRV) announced today
that on March 31, 2008, Debt Resolve, Inc. entered into a Securities
Purchase Agreement with Harmonie International, LLC for the private
placement of 2,966,102 shares of Debt Resolve's common stock, par
value $.001 per share at a price of $2.36 per share, and a ten-year
warrant to purchase up to 3,707,627 shares of Common Stock, at an
exercise price of $2.36 per share, resulting in aggregate gross cash
proceeds to Debt Resolve of $7,000,000. The transaction closed
simultaneously with the execution of the Purchase Agreement, with
Harmonie International initiating an international wire transfer
process at such time with funding to be completed on or before April
17, 2008. On April 2, 2008, the American Stock Exchange approved for
listing the shares of Common Stock issued in the Private Placement.

Harmonie International, LLC is a privately owned company
participating in investments in a number of industries including the
purchase and securitization of consumer and commercial debt. Harmonie
International, LLC maintains its principal office in Detroit, MI and
has European offices in Marbella, Spain and London, England.

Harmonie International was introduced to Debt Resolve by The
Resolution Group, Inc., (TRG), of Irvine, CA. This private placement
satisfies the obligation of TRG as set forth in an agreement dated
December 4, 2007, to provide at least $4.5 million in funding. TRG
will continue to work with Debt Resolve in a joint venture for
mortgage collections, a note modification program and the referral of
clients in the banking and healthcare industries.

Debt Resolve also announced its financial results for the 2007
fiscal year by filing Form 10-KSB on April 15, 2008.

Highlights of some of Debt Resolve's results for the year ending
December 31, 2007 include:

-- Received placements in client accounts with a face value of
over $4 billion

-- Penetrated the European Union by engaging in a distribution
agreement with ODC Tools in the Benelux Region

-- Reduced operating expenses by over 40%, in the 4th Quarter
2007, 1st Quarter 2008 and continuing

-- Restructured senior management team with the addition of a new
CEO

-- Launched DR Default for Sub-Prime Mortgage Collections

-- Entered into a partnership and distribution relationship with
The Resolution Group, in Irvine, CA

-- Received Top 100 Collection Technology Award

-- Added another Top Tier Bank to the client base

-- Added a major client in the United Kingdom

Fiscal Year 2007 Earnings

Debt Resolve announced that revenues for the Fiscal Year of 2007
were $2,845,823, compared to revenues of $98,042 for the Fiscal Year
2006. Debt Resolve also announced a loss from continuing operations in
fiscal year 2007 of ($12,143,832), or ($1.51) per share, compared to a
loss of ($21,642,086) or ($5.23) per share for fiscal year 2006. The
total loss for fiscal year 2007 includes $2,463,745 of non-cash
stock-based compensation, $1,206,335 of non-cash impairment charges
and $959.811 in terminated acquisition cost relating to the proposed
acquisition of Creditors Interchange. The fiscal year 2007 loss also
includes $132,400 of non-cash amortization of deferred debt discount.
Net cash used in operating activities was $7,400,000.

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DEBT RESOLVE, INC. and SUBSIDIARIES
Consolidated Statements of Operations

Years Ended December 31,
-------------------------------
2007 2006
--------------- ---------------

Revenues $ 2,845,823 $ 98,042
--------------- ---------------

Costs and expenses:
Payroll and related expenses 7,038,243 5,524,059
General and administrative expenses 5,395,224 3,255,055
Terminated acquisition costs 959,811 --
Patent licensing expense - related
parties -- 6,828,453
Impairment of goodwill and
intangible assets 1,206,335 --
Depreciation and amortization
expense 227,060 51,728
--------------- ---------------

Total expenses 14,826,673 15,659,295
--------------- ---------------

Loss from operations (11,980,850) (15,561,253)
--------------- ---------------

Other (expense) income:
Interest income 41,946 --
Interest expense (18,042) (778,243)
Interest expense - related party (46,370) --
Amortization of deferred debt
discount (132,400) (4,641,985)
Amortization of deferred financing
costs -- (665,105)
Other income (expense) (8,116) 4,500
--------------- ---------------
Total other expense (162,982) (6,080,833)
--------------- ---------------

Loss from continuing operations (12,143,832) (21,642,086)

Loss from discontinued operations (452,085) (53,579)
--------------- ---------------

Net loss $ (12,595,917) $ (21,695,665)
=============== ---------------

Net loss per common share:
basic and diluted (see Note 2)
- Continuing operations $ (1.51) $ (5.23)
- Discontinued operations $ (0.06) $ (0.01)
--------------- ---------------
- Total $ (1.57) $ (5.24)
=============== ===============

Weighted average number of common
shares outstanding - basic and
diluted (see Note 2) 8,033,348 4,143,866
=============== ===============
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DEBT RESOLVE, INC. and SUBSIDIARIES
Consolidated Balance Sheet
December 31, 2007

Assets
----------------------------------------------------------------------

Current assets:
Restricted cash $ 67,818
Accounts receivable 84,013
Other receivable 200,000
Prepaid expenses and other current assets 108,189
-------------
Total current assets 460,020

Fixed assets, net 283,095

Deposits and other assets 108,780
Intangible assets, net 208,848
-------------

Total assets $ 1,060,743
=============

Liabilities and Stockholders' Deficiency
--------------------------------------------------------

Current liabilities:
Accounts payable and accrued liabilities $ 2,448,314
Collections payable 42,606
Short-term note (net of deferred debt discount of
$29,400) 70,600
Lines of credit - related parties 1,011,000
-------------
Total current liabilities 3,572,520

Notes payable (net of deferred debt discount of
$70,975) 254,025
-------------
Total liabilities 3,826,545
-------------

Commitments and contingencies

Stockholders' deficiency:
Preferred stock, 10,000,000 shares authorized, $0.001
par value, none issued and outstanding --
Common stock, 100,000,000 shares authorized, $0.001
par value, 8,474,363 issued and outstanding 8,474
Additional paid-in capital 42,501,655
Accumulated deficit (45,275,931)
-------------

Total stockholders' deficiency (2,765,802)
-------------

Total liabilities and stockholders' deficiency $ 1,060,743
=============
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CEO Ken Montgomery discussed the Debt Resolve 2007 milestones and
plans for the remainder of 2008: "While we have been successful in
gaining an equity partner with Harmonie International, we are
delighted to report that we have experienced significant activity and
interest among clients and prospective clients during the first three
months of 2008. We continue to pursue prospective clients in the
Financial Services space, and have aggressively entered the Healthcare
industry with both our traditional collection agency First
Performance, as well as our Internet solution Debt Resolve system."

"Following an aggressive strategy to reengineer operations at
First Performance, which was completed in late 2007, we have seen a
doubling of the cash flow at our agency each month since January,
2008. We have added additional volume from our existing clients, and
have placed six new clients through the end of the first quarter."

"Our pipeline of prospective clients has increased by 50% on both
platforms since the first of the year, and we project a continuation
of this activity throughout the year."

"The Internet business of Debt Resolve continues to show
improvement. Our clients are experiencing above average settlement
rates with our DR Settle module (called the 'bump rate') as compared
to the traditional agency settlement rates, and more than 50% of
consumers who log on to our system settle their outstanding accounts.
Debt Resolve proves that if you leave people alone, treat them with
respect and do not force a number on them, they will do amazing
things, like settle debt on their own and pay more money than
expected."

"Our web application development efforts are continuing to grow.
We expect to beta test service enhancements in June of this year, with
an announcement of a final release in mid summer."

"Also on the Internet side, we launched a major client in the
United Kingdom in early 2008, which has quickly risen to one of our
largest revenue producing clients worldwide."

"Debt Resolve aligned with the American Arbitration Association in
February 2008 to offer an alternative to the costly expense of
arbitrating consumer accounts receivable. We are extremely excited
about the prospects for growth of our business given this
partnership."

James D. Burchetta, Co-Chairman and Founder of Debt Resolve,
commented: "We continued to market our leading online collection
technology to multiple sectors. Our customer base grew significantly
from the prior year, as we continue to reduce costs and improve the
bottom line. Debt Resolve, along with subsidiary First Performance,
offers an integrated and seamless solution in the debt collection
space."

About Debt Resolve, Inc.

Debt Resolve provides lenders, collection agencies, debt buyers
and utilities with a patent-based online bidding system for the
resolution and settlement of consumer debt and a collections and skip
tracing solution that is effective at every stage of collection and
recovery. Through its subsidiary, First Performance Corporation, Debt
Resolve is actively engaged in operating a collection agency for the
benefit of its clients, which include banks, finance companies and
purchasers of distressed accounts receivable. The stock of Debt
Resolve is traded on the American Stock Exchange. Debt Resolve is
headquartered in White Plains, New York. For more information, please
visit the website at www.debtresolve.com.

Forward-Looking Statements and Disclaimer

Certain statements in this press release and elsewhere by
management of the Company that are neither reported financial results
nor other historical information are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of
1995. Such information includes, without limitation, the business
outlook, assessment of market conditions, anticipated financial and
operating results, strategies, future plans, contingencies and
contemplated transactions of the Company. Such forward-looking
statements are not guarantees of future performance and are subject to
known and unknown risks, uncertainties and other factors which may
cause or contribute to actual results of the Company's operations, or
the performance or achievements of the Company, or industry results,
to differ materially from those expressed or implied by the
forward-looking statements. In addition to any such risks,
uncertainties and other factors discussed elsewhere in this press
release, risks, uncertainties and other factors that could cause or
contribute to actual results differing materially from those expressed
or implied by the forward-looking statements include, but are not
limited to, events or circumstances which affect the ability of Debt
Resolve to realize improvements in operating earnings expected from
the acquisition of First Performance; competitive pricing for the
Company's products and services; fluctuations in demand for the
Company's products or services; changes to economic growth in the
United States and international economies; government policies and
regulations, including, but not limited to those affecting the
collection of consumer debt; adverse results in current or future
litigation; currency movements; and other risk factors discussed in
the Company's Annual Report on Form 10-KSB for the year ended December
31, 2007, and in other filings made from time to time with the SEC.
Debt Resolve undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events or otherwise. Investors are advised, however, to consult
any further disclosures made on related subjects in the Company's
reports filed with the SEC.

Debt Resolve, Inc.
Shakirra McKinley, 914-949-5500 x235
smckinley@debtresolve.com

Copyright Business Wire 2008