News and Volume alert. Also, TA considers it as low risk IMO:
(COMTEX) B: Affinity Technology Group Receives Second Patent on Autom
B: Affinity Technology Group Receives Second Patent on Automated Internet
Lending System
COLUMBIA, S.C., Aug 19, 1999 (BUSINESS WIRE via COMTEX) --
AffinityTechnology Group, Inc. (Nasdaq: AFFI) announced the issuance of
a second patent covering fully automated lending systems. U.S. Patent 5,
940,811, issued on August 17, 1999, clarifies and broadens the coverage
provided by Affinity's patent number 5,870,721, which was issued in
February.
Both Affinity patents cover systems for fully automated processing of
loan applications entered by applicants via the Internet and from other
remote devices such as Affinity's Automated Loan Machines.
The newly issued patent will be included in licenses to be granted
under Affinity's patent licensing agreement with American Management
Systems, Inc., which was announced on July 29, 1999.
Information on Affinity's subsidiary decisioning.com, which licenses
Affinity patents for Internet use and sells rtDS, the real time
decision service for the Internet, may be found at www.decisioning.com.
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 services 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 in this news release, including statements
regarding patents and patent licenses, are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of
1995. Investors are cautioned that forward-looking statements involve
risks and uncertainties, including those related to general economic
conditions, delays, risk and uncertainties associated with the
development and deployment of new technologies, consumer and industry
acceptance of automated delivery channels, and regulatory risks, that
may cause actual results to differ materially from those projected.
NOTE TO INVESTORS AND EDITORS: Affinity's press releases are
available on the Internet through Business Wire's web site at
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.
Copyright (C) 1999 Business Wire. All rights reserved.
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CONTACT: Affinity Technology Group, Inc., Columbia
Murray Smith, President & Chief Executive Officer,
(803) 758-2768
WEB PAGE: businesswire.com
GEOGRAPHY: SOUTH CAROLINA
INDUSTRY CODE: COMPUTERS/ELECTRONICS
COMED
INTERACTIVE/MULTIMEDIA/INTERNET
BANKING
PRODUCT
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