Affinity Technology Group Announces Reduction in Workforce.Business Editors COLUMBIA, S.C.--(BUSINESS WIRE)--March 20, 2001 Affinity Technology Group, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : AFFI) today announced that it has reduced its work force by one-third. Twelve employees were dismissed from the Company, leaving a total staff of twenty-four. All of the affected employees were in positions relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's software sales and transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. divisions. Joe Boyle, Affinity's President and Chief Executive Officer, stated, "This is always difficult, but the company has not been successful selling its software and transaction processing under its present ASP model. At the present time the company must focus on businesses which are less capital intensive. Accordingly, in the near-term we will concentrate on our mortgage business and continue to pursue opportunities related to our patent portfolio." Mr. Boyle also stated, "we will also continue to pursue capital raising initiatives and continue to evaluate revenue opportunities through the sale of certain of our software products other than under an ASP model." 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. |
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