AFFINITY TECHNOLOGY GROUP ANNOUNCES MANAGEMENT APPOINTMENTS; CEO CALLS
STRENGTH, BREADTH OF EXECUTIVES' EXPERIENCE KEY TO GROWTH PLANS (6/18/96)
Affinity Technology Group, Inc. (Nasdaq: AFFI), maker of the Affinity Automated Loan Machine, or ALM, today announced
a series of top management appointments that will strengthen the newly public company's capabilities as it moves forward with
an aggressive strategy of marketing its innovative technology to financial institutions throughout the country.
"This is an extraordinarily talented group of executives who come to Affinity with diverse professional backgrounds in
marketing, finance and technology," said Jeff A. Norris, President and Chief Executive Officer of Affinity. "The strength and
experience they bring to our top management is key to the implementation of our plans for growth, both in our marketing of
Affinity ALMs and our expansion into a full array of electronic consumer financial services based on our unique technology."
Affinity has successfully marketed the first generation of its ALMs, which permit consumers to apply for and receive unsecured
personal loans in as little 10 minutes without the aid of loan personnel. Similar in appearance to an ATM, the Affinity ALM can
be deployed anywhere by the user financial institution, generating new assets for the institution without high construction costs,
and offering around-the-clock convenience to consumers.
Affinity's products use the Company's proprietary Decision Support System technology, a "closed loop" system that enables a
financial institution to automate the processing and closing of consumer financial services at the point of sale. Using this
technology, the Company plans to install enhanced ALMs in the second half of 1996 that can provide such added financial
services as opening new checking accounts, closing on joint loans, auto and certain other secured loans, consolidating existing
loans, and obtaining credit cards. The Company also is developing more powerful applications of the technology, and future
Affinity systems will offer a wider range of financial products including consumer insurance and home mortgages.
"Our technology offers exciting opportunities for vertical expansion into such markets as insurance and mortgage financing,"
Mr. Norris said, "and we are building a seasoned, highly skilled executive team that will maximize these opportunities for our
Company and our customers." The newly appointed Affinity executives are:
Thomas E. Persons, Executive Vice President -- Formerly a top sales executive at AT&T, Mr. Persons, 50, assumes direct
responsibility for all sales activities for Affinity. A veteran of the telecommunications industry, with 30 years' experience with
AT&T and Southern Bell, Mr. Persons served at AT&T from 1990 to 1996 as General Manager for the South Atlantic Area,
which encompasses Georgia and the Carolinas. A graduate of the University of Georgia, Mr. Persons also has completed the
Executive Management Development Program at Emory University. Prior to joining Affinity's executive team, Mr. Persons
served on the Board Of Directors of the Company for 2 1/2 years.
"Tom Persons is a highly respected sales professional," said Mr. Norris. "Our Company will gain immeasurably from his wealth
of experience and expertise."
Leonard J. McCahill, Vice President, Underwriting Information Services -- Known internationally for his ability to maximize
profitability for financial institutions by using statistical scoring models to solve complex credit issues, Mr. McCahill is
responsible for implementing credit scoring models for Affinity clients and optimizing clients' effective use of Affinity ALMs.
With more than 25 years' experience in the consumer credit industry, Mr. McCahill comes to Affinity from Citibank where he
was Vice President and Deputy Division Credit Officer of the Latin American Consumer Bank. Mr. McCahill, 52, holds a
degree in accounting from Fordham University and is a graduate of the General Electric Company Financial Management
Program.
"Len's specialized knowledge and background benefit our clients greatly by enabling them to use the full potential of Affinity
ALMs and our other products," Mr. Norris said.
John D. Rogers, President, Affinity Processing Corporation -- Mr. Rogers, 52, heads the newly formed advanced software
subsidiary of Affinity Technology Group, Inc. Formerly Executive Vice President and founder of BISYS Information Services
Group, Mr. Rogers has long experience in providing automated solutions to the financial services industry which include prior
executive positions at ADP, NCR and First National Bank of Atlanta. Mr. Rogers holds a BS in electrical engineering from
North Carolina State, an MBA in finance from the University of Florida and a degree from the Stonier School of Banking at
Rutgers University.
"John is an expert on the revolution in electronic commerce underway in consumer financial services," Mr. Norris said. "We
are fortunate to have someone of his caliber to lead our crucial strategic effort to position us in the new emerging markets."
Thomas J. Murray, president, Affinity Mortgage Technology Corporation -- Mr. Murray, 51, a 20-year veteran of the
commercial and mortgage banking industries, takes control at a newly formed subsidiary that will build Affinity's business with
mortgage lenders. Prior to assuming his new position, Mr. Murray was President of T.J. Murray Company, a Colorado-based
consultant for the mortgage banking industry. He has also served in senior executive positions with both national and
international responsibilities at major mortgage lending companies in Colorado and Florida and at Wells Fargo and Co. and
Ernst & Young in California. A certified public accountant, Mr. Murray earned his degree in business administration at the
University of South Florida.
"Tom Murray brings to Affinity top-level experience in every aspect of the mortgage lending business," Mr. Norris said. "He is
a vital addition to our team as we plan and implement our expansion into this key growth area for our Company."
Howard S. Kossak, Vice President, Corporate Development -- Mr. Kossak, 55, brings to Affinity 30 years experience in
strategic planning and marketing for major financial services and high-tech companies, including 15 years in positions of
increasing importance at IBM. At Affinity, Mr. Kossak will focus on identifying, structuring and closing strategic relationships.
From 1991 to 1996, he was Senior Vice President, Strategic Planning, at Checkfree Corp. Mr. Kossak received a BS in
industrial engineering from Rutgers University and an MBA Equivalency Certificate from Harvard. He is a certified public
accountant.
"With his enormous reservoir of experience in strategic planning and execution, Howard will play an important role in
developing our strategies for growth and future technology acquisitions," Mr. Norris said.
Formed in January 1994, Affinity Technology Group, Inc. (Nasdaq: AFFI) is headquartered in Columbia, South Carolina. It
completed its first public offering on April 26, 1996. Its current customers include Banco Popular, Bank One, Union Planters,
Carolina First and First Citizens Bank. |
