Affinity Issues Additional Convertible Notes and Announces a New Executive Structure.Business Editors COLUMBIA, S.C.--(BUSINESS WIRE)--March 17, 2003 Affinity Technology Group, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AFFI) today announced that it has completed a private placement of $200,000 principal amount of its convertible notes. The issuance of the convertible notes is a continuation of the convertible note program under which the Company first sold its convertible notes in June 2002. The notes mature in two years, 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. Affinity also announced that Joseph A. Boyle, the Company's President and Chief Executive Officer, will significantly reduce his time commitment to the Company beginning in April 2003. This measure reflects Affinity's engagement of LPS LPS - Sets with restricted universal quantifiers. ["Logic Programming with Sets", G. Kuper, J Computer Sys Sci 41:44-64 (1990)]. Group to manage the day-to-day aspects of its patent licensing program. Mr. Boyle will continue to serve on a reduced basis as Affinity's President and Chief Executive Officer, and has also accepted a position in the Columbia office of Elliott Davis, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a leading southeastern accounting and consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a . Affinity also announced that Sean Douglas Sean Douglas (born May 8, 1972) is a retired New Zealand soccer player, who is currently assistant coach of the New Zealand U-20's team. Club career As a player he spent most of his years in the Australian league, but returned to Auckland when Carlton S.C. has been promoted to Executive Vice President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . It that capacity, Mr. Douglas will oversee the Company's day-to-day operations and activities. Mr. Boyle stated, "With the recent appointment of LPS Group as our exclusive licensing agent, my responsibilities have been greatly diminished. Since the end of January, I have worked closely with Dooyong Lee, the President of LPS Group, to integrate him into our patent licensing program. Now that we are past that stage, our resources are best used to pursue our patent licensing program through our agent. I will continue to oversee Mr. Lee's work and to fulfill my ongoing responsibilities as the Company's President and Chief Executive Officer. I am also pleased about the appointment of Sean Douglas as our Executive Vice President and Chief Operating Officer. Sean has worked for the Company for over 7 years, and Affinity is fortunate to have his abundant knowledge and management skills to handle the day-to-day operations of the Company. Interested shareholders are invited to read my 'Message to Shareholders' which further discusses our new executive structure at our website located at www.affi.net." 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. 5,870,721, No. 5,940,811, and No. 6,105,007. Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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. Investors are cautioned that these statements involve several risks and uncertainties that may cause actual results to differ materially from those projected. |
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