Affinity Technology Announces Extension of Redmond Due Diligence Period and Nasdaq Notification of Noncompliance with Minimum Price Requirement.Business Editors COLUMBIA, S.C.--(BUSINESS WIRE)--Oct. 4, 2000 Affinity Technology Group, Inc. (Nasdaq: AFFI) today announced that it has agreed to give Redmond Fund, Inc. an additional 60 days to complete its due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. review of the company under the Common Stock Purchase Agreement between Affinity and Redmond, which was executed effective as of June 2, 2000. Redmond was originally required to complete its due diligence investigation of the company during a 90-day period that expired in the first week of September 2000, and that period was previously extended by an additional 30 days until the first week of October. Redmond now has until the first week in December 2000 to complete its due diligence review. Any additional investment by Redmond in Affinity is subject to Redmond's satisfactory completion of its due diligence review of the company. The company also announced that it has been notified by the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. that it is not in compliance with Nasdaq's listing standards that require the company's stock to maintain a minimum bid price of $1.00 or more. The company has been given until December 28, 2000 to regain compliance with the rule. To regain compliance with the Nasdaq listing standards, the company's common stock must close at a price of at least $1.00 for a minimum of 10 consecutive trading days In Business, the trading day is the time span that a particular stock exchange is open. For example, the New York Stock Exchange is, as of 2006, open from 09:30AM to 4:00PM. Trading days never take place on weekends. . About Affinity Technology Group, Inc. Affinity's technology enables financial institutions to link their branches, call centers, Internet customers, and indirect agents electronically to their credit departments, providing fully automated lending - and, if necessary, connectivity to a loan officer - through every channel. For financial institutions, Affinity's solutions expedite ex·pe·dite tr.v. ex·pe·dit·ed, ex·pe·dit·ing, ex·pe·dites 1. To speed up the progress of; accelerate. 2. loan decisioning and processing and increase productivity and capacity of branch personnel, call center agents, loan officers, and indirect agents, while improving the overall customer experience. Affinity is located on the World Wide Web at www.affi.net. 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. With the exception of Redmond Fund, Inc.'s initial $500,000 investment in the company in June 2000, Redmond Fund is not 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 make any additional investment in the company, and no assurances can be given that Redmond will make any additional investment in the company. In addition, the company is unable to provide assurance that the company's Common Stock will not be delisted from the Nasdaq SmallCap Market or that the company will be able to regain or maintain compliance with the Nasdaq listing standards in the future. |
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