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AUTOFINANCE GROUP AND PATLEX ANNOUNCE APPROVAL OF PROPOSED MERGER

 AUTOFINANCE GROUP AND PATLEX ANNOUNCE APPROVAL OF PROPOSED MERGER
 WESTMONT, Ill., June 1 /PRNewswire/ -- AutoFinance Group Inc. (NASDAQ: AUFN) and Patlex Corp. (NASDAQ-NMS: PTLX) announced today that their respective boards of directors have approved the proposed merger of Patlex with a subsidiary of AutoFinance Group. As presently contemplated, pursuant to the merger, holders of Patlex common stock would receive 1.4 shares of AutoFinance Group stock for each share of Patlex, plus 25 percent of the net proceeds, if any, that might be received by Patlex from its patent infringement suit currently pending against the U.S. government. The proposed merger is subject to the approval of the shareholders of both companies, the execution by the parties of a definitive agreement and certain other contingencies.
 AutoFinance Group is engaged in acquiring non-prime retail automotive installment sales contracts, originated primarily by franchised new automobile dealers.
 Patlex is engaged in enforcing and exploiting a group of laser- related patents through a licensing program and derives its revenues and incomes through its 64 percent interest in several laser patents.
 -0- 6/1/92
 /CONTACT: A.E. Steinhaus, president, or Blair Nance, CFO, of AutoFinance Group, 708-655-7100/
 (AUFN PTLX) CO: AutoFinance Group Inc.; Patlex Corp. ST: Illinois, New Mexico IN: AUT FIN SU: TNM


AL -- LA010 -- 5490 06/01/92 08:04 EDT
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Publication:PR Newswire
Date:Jun 1, 1992
Words:219
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