Court of Appeals Denies Request for En Banc Hearing.COLUMBIA, S.C. -- Affinity Technology Group, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : AFFI) today announced that the United States Court of Appeals for the Federal Circuit The United States Court of Appeals for the Federal Circuit is a United States court of appeals. The Federal Circuit was created by Congress with passage of the Federal Courts Improvement Act of 1982. The court is headquartered in Washington, D.C., and occupies the Howard T. (the "Appeals Court") has denied its request for a rehearing rehearing n. conducting a hearing again based on the motion of one of the parties to a lawsuit, petition or criminal prosecution, usually by the court or agency which originally heard the matter. or a rehearing en banc [Latin, French. In the bench.] Full bench. Refers to a session where the entire membership of the court will participate in the decision rather than the regular quorum. In other countries, it is common for a court to have more members than are in the cases of its subsidiary, decisioning.com versus Federated Connected and treated as one. See federated database and federated directories. Department Stores This is a list of department stores. In the case of department store groups the location of the flagship store is given. This list does not include large specialist stores, which sometimes resemble department stores. , TD Ameritrade and HSBC Finance Corporation. Affinity had requested that the Appeals Court reconsider its ruling of May 7, 2008 concerning the Appeals Court's construction of the claim term "remote interface" as that term is used in U.S Patent No. 6,105,007, the Company's patent covering the automated establishment of financial accounts. In its May ruling, the Appeals Court limited the term "remote interface" to those that are publicly accessible and specifically excluded consumer-owned personal computers from the definition. Joe Boyle, Affinity's President and Chief Executive Officer, stated, "We are very disappointed with the Appeals Court's denial of our request, especially considering that it reached its opinion in a split decision and that the dissenting judge's opinion fully supported our position. As we previously announced on May 7, and May 21, the Appeals Court's construction of the term "remote interface" represents a major setback for Affinity and significantly and materially limits the scope of our patents. The only legal recourse we have left, assuming we could secure the necessary capital, is to request that our case be heard by the Supreme Court of the United States Supreme Court of the United States Final court of appeal in the U.S. judicial system and final interpreter of the Constitution of the United States. The Supreme Court was created by the Constitutional Convention of 1787 as the head of a federal court system, though it was .. We are continuing to evaluate our alternatives and courses of action we may take; however, our capital resources are nearing exhaustion, and we expect that this latest decision by the Appeals Court will continue to impede our ability to generate new capital resources and may preclude our pursuit of meaningful alternatives." 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 a remote interface, as applicable. Affinity's patent portfolio includes U. S. Patent No. 5,870,721C1, No. 5,940,811C1, and No. 6,105,007C1. Forward-looking statements 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. Affinity cannot offer any assurances that the value of its patents and business will not be permanently and materially limited by the adverse ruling of the Appeals Court described above. Moreover, the Company's cash resources are nearing exhaustion, and it can provide no assurances that it will have or be able to secure the cash resources to pursue further legal remedies concerning the enforcement of its patents through continued 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. and/or through further appeals to the Supreme Court of the United States concerning the Appeals Court's construction of the term "remote interface." Further, the Company can provide no assurances that it would be successful in obtaining a favorable construction of the term "remote interface" even if it were able to secure a hearing by the Supreme Court. Investors are cautioned that the Company's business is subject to several substantial risks and uncertainties, including the results of ongoing litigation, including the Appeals Court ruling discussed above, which, combined with the Company's very limited capital resources may make it difficult or impossible to raise additional capital in amounts sufficient to permit it to continue operations or pursue further legal options for vindicating its patent claims; the risk that the Company may further lose all or part of the claims covered by its patents as a result of challenges to its patents; the risk that its 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; and, unanticipated costs and expenses affecting the Company's cash position. Additionally, the Company does not have the cash resources to pay the judgment resulting from the Temple Ligon litigation or to repay outstanding amounts under its outstanding convertible notes that mature in August and September 2008. If the Company is unable to raise additional capital in a very short period of time or resolve or postpone the judgment in the Temple Ligon matter and its obligations under its convertible notes in a manner which will alleviate the payment of more than an insignificant amount of cash in the near term, it would be forced to consider alternatives for winding down its business, which may include offering its patents for sale or filing for bankruptcy protection. These and other factors that may cause actual results to differ materially from those expressed or implied in any forward-looking statements are discussed in greater detail in the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2007, its Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended March 31, 2008 and other filings Affinity makes with the Securities and Exchange Commission from time to time. The Company is not responsible for updating the information contained in this press release beyond the publication date, or for changes made to this document by wire services or Internet Services. |
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