Affinity Technology Group - AFFI - Issues Additional Convertible Notes
Affinity Technology Group - AFFI - Issues Additional Convertible NotesCOLUMBIA, S.C.
May 9, 2005
Affinity Technology Group, Inc. (OTCBB:AFFI - News) today announced that the holders of a majority in principal amount of its convertible notes have agreed to allow the Company to continue to issue additional convertible notes under its convertible note program. Prior to such action, the Company was precluded from selling additional convertible notes because the Company is in default regarding payment of principal and interest due under its convertible notes.
The Company also announced that it has issued an additional $75,000 principal amount of its convertible notes. The issuance of the convertible notes is a continuation of the convertible note program under which the Company is authorized to issue up to $1,500,000 principal amount of its convertible notes. To date, the Company has issued $1,355,336 in aggregate principal amount of its convertible notes. The notes are convertible into the Company's common stock at $0.20 per share and are secured by all the outstanding stock of the Company's wholly-owned patent licensing subsidiary, decisioning.com.
Joe Boyle, Chairman, President and Chief Executive Officer, stated, "We are very pleased with the continued support our convertible noteholders have given the Company and its patent licensing program. Our immediate focus will remain on attempting to raise additional capital while prosecuting the reexamination of our financial account patent."
About Affinity Technology Group, Inc.
Through its subsidiary, decisioning.com, Inc., Affinity Technology Group, Inc. owns a portfolio of patents that covers 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 Company's very limited capital resources and the possibility that we may be unable to raise additional capital in amounts sufficient to permit us to continue operations; the risk that we may lose all or part of the claims covered by our patents as a result of existing and future challenges to our patents; the risk that our patents may be subject to additional reexamination by the U.S. Patent and Trademark Office or challenge by third parties; the possibility that all or some of the holders of the convertible secured notes issued by the Company may take action to collect the amounts outstanding under these notes; the result of ongoing litigation; and unanticipated costs and expenses affecting the Company's cash position. If the Company is not able to raise additional capital, it may be forced to consider alternatives for winding down its business, which may include offering its patents for sale or filing for bankruptcy protection. Moreover, if any of the holders of the convertible notes issued by the Company take action to collect the amounts owed by the Company under these notes, the Company will be forced to consider alternatives for winding down its business, which may include offering its patents for sale or filing for bankruptcy protection. These and other factors may cause actual results to differ materially from those anticipated.
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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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