Affinity Technology Group Shares to be Traded On the Nasdaq SmallCap Market.Business Editors COLUMBIA, S.C.--(BUSINESS WIRE)--March 24, 2000 Affinity Technology Group, Inc. (Nasdaq: AFFI) today announced that its stock will begin trading on The Nasdaq SmallCap Market effective as of the opening of business on March 27, 2000. The decision 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. to transfer the company from The Nasdaq National Market to The Nasdaq SmallCap Market was made by a panel established by Nasdaq to review the company's ability to satisfy the continued listing requirements Listing requirements Requirements, including minimum shares outstanding, market value, and income, that are laid down by an exchange for any stock to be listed for trading. applicable to Nasdaq National Market issuers. The company's continued listing on The Nasdaq SmallCap Market is subject to its successful completion of an application and review process. SmallCap issuers must maintain a $1.00 minimum bid price and have minimum net tangible assets Net Tangible Assets Calculated as the total assets of a company, minus any intangible assets such as goodwill, patents and trademarks, less all liabilities and the par value of preferred stock. Also known as "net asset value" or "book value". of $2 million, a $35 million market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. or $500,000 in net income, among other requirements. Joe Boyle, the company's President and Chief Executive Officer stated, "Even though we would have preferred to have remained listed on the Nasdaq National Market, our primary goal was to obtain a listing status that would provide a liquid and orderly market Orderly Market Any market in which the supply and demand are reasonably equal. Notes: Orderly markets usually don't have volatile price swings and prices are competitive, reflecting the true value of the good or service. for our stock. We do not expect that a transfer to The Nasdaq SmallCap Market will have a significant impact on the trading of our stock." 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 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, including statements regarding the trading of the company's stock on The Nasdaq SmallCap Market, 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, including those related to the company's successful completion of Nasdaq's application and review process necessary for continued trading on The Nasdaq SmallCap Market and the company's ability to satisfy Nasdaq's continued listing requirements for SmallCap issuers, which include a $1.00 minimum bid price requirement. No assurance can be given that the company's stock will continue to be traded on The Nasdaq SmallCap Market. If the company's stock is delisted from Nasdaq, trading would thereafter be conducted in the over-the-counter markets over-the-counter market Trading in stocks and bonds that does not take place on stock exchanges. Such trading occurs most often in the U.S., where requirements for listing stocks on the exchanges are strict. , if at all. Consequently, the liquidity of the company's stock would be impaired, not only in the number of securities that could be bought and sold, but also through delays in the timing of transactions and lower or higher prices for the company's common stock than might otherwise be attained. Further, the delisting Delisting When the stock of a company is removed from a stock exchange. Notes: Reasons for delisting include violating regulations and/or failure to meet financial specifications set out by the stock exchange. of the company's stock would have a material adverse effect on the ability of the company to raise capital through the sale of equity securities. NOTE TO INVESTORS AND EDITORS: Affinity's press releases are available on the Internet through Business Wire's web site at http://www.businesswire.com. The releases are also available at no extra charge through Business Wire's Company News-On-Demand fax service at 1-800-340-7544. |
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