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AUTOFINANCE GROUP, PATLEX ANNOUNCE MERGER AGREEMENT IN PRINCIPLE

 AUTOFINANCE GROUP, PATLEX ANNOUNCE MERGER AGREEMENT IN PRINCIPLE
 WESTMONT, Ill., May 15 /PRNewswire/ -- AutoFinance Group Inc. (NASDAQ: AUFN) and Patlex Corp. (NASDAQ-NMS: PTLX) announced today that independent committees of their boards of directors had reached an agreement in principle for Patlex to merge into a subsidiary of AutoFinance Group. As presently contemplated, pursuant to the merger, holders of Patlex common stock would receive 1.4 shares of AutoFinance Group stock for each share of Patlex, plus 25 percent of the net proceeds, if any, that might be received by Patlex from its patent infringement suit currently pending against the United States government. The proposed merger is subject to the approval of the boards of directors and shareholders of both companies, the execution by the parties of a definitive agreement and certain other contingencies.
 AutoFinance Group is engaged in acquiring non-prime retail automotive installment sales contracts, originated primarily by franchised new automobile


dealers.
 Patlex is engaged in enforcing and exploiting a group of laser- related patents through a licensing program and derives its revenues and incomes through its 64 percent interest in several laser patents.
 -0- 5/15/92
 /CONTACT: A.E. Steinhaus, president, or Blair Nance, CFO, of AutoFinance Group, 708-655-7100/
 (AUFN PTLX) CO: AutoFinance Group Inc.; Patlex Corp. ST: Illinois IN: FIN AUT SU: TNM


KJ-JL -- LA008 -- 0566 05/15/92 08:00 EDT
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Publication:PR Newswire
Date:May 15, 1992
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