Affinity Announces First Quarter Results.COLUMBIA, S.C. -- Affinity Technology Group, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AFFI) announced today that revenues for the first quarter of 2007 were $8 thousand, with a net loss of $443 thousand, or $0.01 per share. For the comparable period of 2006, revenues were $8 thousand and the Company reported a net loss of $90 thousand, or $0.00 per share. The weighted average number of shares outstanding during the three months ended March 31, 2007 was 45.3 million and for the same period in 2006 was 42.2 million. Joe Boyle, Chairman, President and Chief Executive Officer of Affinity, stated, "The first several months of 2007 have been eventful for Affinity. As we have previously announced, our three patent infringement patent infringement n. the manufacture and/or use of an invention or improvement for which someone else owns a patent issued by the government, without obtaining permission of the owner of the patent by contract, license or waiver. lawsuits were dismissed as a result of summary judgment rulings made by the trial judge. The judge's summary judgment rulings were not a surprise to us and stemmed directly from several unfavorable rulings the judge made at our Markman Hearing A Markman hearing is a pre-trial hearing in the United States court system during which a judge hears testimony from both parties on the appropriate meanings of the relevant key words used in the claims of a patent, the infringement of which is alleged by the plaintiff. last December. Since then, we have believed we would likely need to appeal these unfavorable Markman results. Now that the judge has dismissed the lawsuits in summary judgment we can move forward with our appeal to the U.S. Court of Appeals for the Federal Circuit. We have begun the appeals process, which we intend to pursue vigorously." 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. 5,940,811C1, and No. 6,105,007C1. Forward-looking statements in this news release are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. We cannot offer any assurances that Affinity will prevail on its claims of patent infringement against third parties or that such claims will result in monetary damages Monetary damages, in civil law, refers to compensation given to an injured party by a liable party. Monetary damages may be restitution, a penalty, or both. to Affinity. 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; our appeal to the U.S. Federal Court of Appeals for the Federal Circuit; the risk that we may lose all or part of the claims covered by our patents as a result of challenges to our patents; the risk that our patents may be subject to additional reexamination re·ex·am·ine also re-ex·am·ine tr.v. re·ex·am·ined, re·ex·am·in·ing, re·ex·am·ines 1. To examine again or anew; review. 2. Law To question (a witness) again after cross-examination. by the U.S. Patent and Trademark Office or challenge by third parties; the results of ongoing litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , including patent litigation and our ongoing lawsuit with Temple Ligon; and unanticipated costs and expenses affecting the Company's cash position. If the Company is not able to raise additional capital when needed or becomes obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to pay more than an insignificant amount in connection with the Temple Ligon litigation, 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. These and other factors may cause actual results to differ materially from those anticipated. These factors are discussed in greater detail in the Company's most recent reports on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and 10-Q, and other filings it makes with the Securities and Exchange Commission from time to time,. The Company is not responsible for updating the information contained in this press release beyond the publication date, or for changes made to this document by wire services or Internet Services. [TABLE OMITTED] |
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