Affinity Announces Ligon Ruling
Affinity Announces Ligon RulingTuesday July 27, 8:25 am ET
COLUMBIA, S.C.--(BUSINESS WIRE)--July 27, 2004--Affinity Technology Group, Inc. (OTCBB:AFFI - News) today announced that the trial court had ruled on the Company's post-trial motions made in connection with the Temple Ligon trial. In its motions the Company claimed, among other things, that the jury verdict of $382,148 awarded against the Company in January 2004 should be set aside. The trial judge granted the Company's motion, set aside the jury verdict and ordered entry of a judgment in favor of the Company. Mr. Ligon had claimed that Affinity had breached an agreement to give him a 1% equity interest in the Company in consideration of services he claimed to have performed in 1993 and 1994.
Joe Boyle, Affinity's President and Chief Executive Officer, stated, "We are pleased with this ruling. Although we do not know if Mr. Ligon will contest the ruling, we hope that the judge's decision will bring this longstanding dispute to a close."
In other news, Affinity confirmed that it is continuing to attempt to negotiate the extension of its convertible notes which were due in June.
About Affinity Technology Group, Inc.
Through its subsidiary, decisioning.com, Inc., Affinity Technology Group, Inc., owns a portfolio of patents that cover the automated processing and establishment of loans, financial accounts and credit accounts through an applicant-directed remote interface, such as a personal computer or terminal touch screen. Affinity's patent portfolio includes U. S. Patent No. 5,870,721C1, No. 5,940,811, and No. 6,105,007.
Forward-looking statements in this news release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that our business is subject to several substantial risks and uncertainties, including the possibility that we may lose all or some of the claims covered by our patents, or that the U.S. Patent and Trademark Office ("PTO") may substantially limit the coverage of our patent claims, as a result of current or future challenges to our patents; the risks associated with our limited cash resources and obligations under our convertible notes that matured in June 2004, which may require us to consider alternatives for winding down our business, including filing for bankruptcy protection, and may prevent us from actively defending our patents or prosecuting ongoing litigation against infringers; the risks associated with our ongoing litigation with Temple Ligon; and the uncertainty as to whether we will be able to enter into new patent license agreements that generate meaningful revenues. It is likely that the PTO's reexamination of our financial account patent (U.S. Patent No. 6,105,007) will take an extended period of time to complete, which will delay our litigation against Ameritrade and Federated for an indefinite period and will likely have a material adverse effect on our patent licensing program and our ability to attract additional capital resources in order to continue our operations. We cannot assure you that we will have the financial resources necessary to defend ourselves in this reexamination proceeding and prosecute our related patent lawsuits against Ameritrade and Federated. Investors are cautioned that any forward-looking statements in this news release are subject to these and other risks and uncertainties that may cause actual results to differ materially from those projected.
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Contact:
Affinity Technology Group, Inc.
Joe Boyle, 803-758-2511
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Source: Affinity Technology Group, Inc.
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