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DJSP Enterprises, Inc. Announces Recent Developments, Executives Resign

DJSP Enterprises, Inc. Announces Recent Developments, Executives Resign


Source: DJSP Enterprises, Inc.

DJSP Enterprises, Inc. Announces Recent Developments

PLANTATION, Fla., Oct. 19, 2010 (GLOBE NEWSWIRE) — DJSP Enterprises, Inc. (Nasdaq:DJSP) (Nasdaq:DJSPW) (Nasdaq:DJSPU) today announced that Stephen J. Bernstein, the Company’s Lead Independent Director, has been appointed as Interim Chairman of the Board of the Company. Initially, Mr. Bernstein’s role as non-executive Chairman will be a full time position as he provides Board support to the Company as it develops and executes plans to respond to recent developments impacting the Company and the industry. Mr. Bernstein replaces Mr. David J. Stern as Chairman of the Board. Mr. Stern continues in his role as Chief Executive Officer of the Company and will serve as its President.

The Company also announced the voluntary resignations of Richard Powers, as President and Chief Operating Officer, Kumar Gursahaney as Executive Vice President and Chief Financial Officer and Howard S. Burnston, as Vice President, General Counsel and Secretary, each of whom joined the Company in 2010.

About DJSP Enterprises, Inc.

DJSP is the largest provider of processing services for the mortgage and real estate industries in Florida and one of the largest in the United States. We provide a wide range of processing services in connection with mortgages, mortgage defaults, title searches and abstracts, REO (bank-owned) properties, loan modifications, title insurance, loss mitigation, bankruptcy, related litigation and other services. Our principal customer is The Law Offices of David J. Stern, P.A. (“DJSPA”). We are headquartered in Plantation, Florida, with additional operations in Louisville, Kentucky and San Juan, Puerto Rico. Our U.S. operations are supported by a scalable, low-cost back office operation in Manila, the Philippines that provides data entry and document preparation support for our U.S. operations.

Forward Looking Statements

This press release contains forward-looking statements about us within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), including but not limited to management’s expectations about the impact of our expense reduction efforts and recent developments in the residential mortgage foreclosure industry. Additionally, words such as “anticipate,” “believe,” “estimate,” “expect” and “intend” and other similar expressions are forward-looking statements within the meaning of the Act. Such forward-looking statements are based upon the current beliefs and expectations of our management and are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: business conditions, changing interpretations of generally accepted accounting principles; outcomes of government or other regulatory reviews, particularly those relating to the regulation of the practice of law; the impact of inquiries, investigations, litigation or other legal proceedings involving us or our affiliates, which, because of the nature of our business, have happened in the past to us and DJSPA; the impact and cost of continued compliance with government or state bar regulations or requirements; legislation or other changes in the regulatory environment, particularly those impacting the mortgage default industry; unexpected changes adversely affecting the businesses in which we are engaged; fluctuations in customer demand; our ability to manage growth and integrate acquisitions; intensity of competition from other providers in the industry; general economic conditions, including improvements in the economic environment that slows or reverses the growth in the number of mortgage defaults, particularly in the State of Florida; the ability to efficiently expand our operations to other states or to provide services we do not currently provide; the impact and cost of complying with applicable U.S. Securities and Exchange Commission (“SEC”) rules and regulations; geopolitical events and changes, as well as other relevant risks detailed in our filings with the SEC, including our Annual report on Form 20-F for the period ended December 31, 2009, which are available at the SEC’s internet site (http://www.sec.gov). Forward-looking statements in this press release speak only as of the date of the press release, and we assume no obligation to update forward-looking statements or the reasons why actual results could differ.

CONTACT: DJSP Enterprises, Inc. Chris Simmons, Director of Investor Relations 954-233-8000 ext. 1744 Cell: 954-294-9095 900 South Pine Island Rd. Plantation, FL 33324

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Posted in djsp enterprises, Law Offices Of David J. Stern P.A.Comments (1)

What does DJSP, Enterprises Newly Appointed Counsel have in common with PBC Judge Meenu Sasser?

What does DJSP, Enterprises Newly Appointed Counsel have in common with PBC Judge Meenu Sasser?


DJSP, Enterprises announced today that they have added a General Counsel to their Senior Management Team.

Howard S. Burnston has accepted the position of Vice President, General Counsel and Corporate Secretary effective August 5th 2010. Prior to joining the company, Mr. Burnston was a shareholder with Gunster, Yoakley, & Stewart, P.A., a Florida law firm, where he practiced for 12 years, most recently as chairman of the firm’s Securities and Corporate Governance Practice Group.

“We are very pleased to add such a seasoned professional to our executive team,” said David J. Stern, Chairman and CEO of DJSP Enterprises. “Howard’s business experience and legal expertise in the areas of securities and corporate governance will add tremendous value to DJSP and our shareholders.”

Mr. Burnston stated, “The company is operating in a dynamic and challenging business environment. I believe the company has a promising future and I am excited to join the impressive management team assembled at DJSP.”

Palm Beach County Judge Meenu Sasser was also a shareholder of Gunster, Yoakley, & Stewart from 2002-09, Associate 1995-02.

Again, when is this all going to be disclosed to both investors and defendants? Where does one put a stop to conflict of interest? Where are the disclosures?

I am 100% certain that both The State of Florida and DJSP Investors want to know did Mr. Burnston and Mrs. Sasser have a working relationship and to what extent?

Inquiring minds do wish to know!

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in conflict of interest, djsp enterprises, investigation, Law Offices Of David J. Stern P.A., non disclosure, STOP FORECLOSURE FRAUDComments (1)


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