Affinity Technology Raises $1.9 Million in Additional Funding.COLUMBIA, S.C. -- Affinity Technology Group, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : AFFI) today announced that it has raised $1.9 million through the sale of additional convertible notes under its convertible note program. The convertible notes mature in two years, are convertible into the Company's common stock at $.42 per share, and are secured by all the outstanding stock of the Company's wholly-owned patent licensing subsidiary, decisioning.com, Inc. The notes were issued in a private placement transaction. However, Affinity has agreed to prepare and file with the Securities and Exchange Commission, on or before January 31, 2007, a registration statement with respect to Affinity's common stock issuable upon conversion of the notes. Mr. Boyle stated, "We were very pleased with the interest in this round of the Company's financing activities. This is the first sale of our convertible notes since the program was restructured and expanded to $5 million last month. This is by far our largest and most significant placement since we started the convertible note program four years ago. We plan to use the proceeds to support the further commercialization of our intellectual property." 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 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. We cannot offer any assurances that Affinity will prevail on its claims of 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. 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 additional risks and uncertainties, including 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 result 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 our patent litigation; and unanticipated costs and expenses affecting the Company's cash position. These and other factors may cause actual results to differ materially from those anticipated. |
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