Bill, I added XING 9.03 SVVS 1.42 and APPI .62 on news: Affinity Announces Official Notification of the Successful Conclusion of the Reexamination of Its Financial and Credit Account Patent
Thursday March 30, 4:01 pm ET
COLUMBIA, S.C.--(BUSINESS WIRE)--March 30, 2006--Affinity Technology Group, Inc. (OTCBB:AFFI - News) today announced that the U.S. Patent and Trademark Office (PTO) posted on its Patent Application Information Retrieval (PAIR) system database a "Notice of Intent to Issue Ex Parte Reexamination Certificate" relating to its U.S. Patent No. 6,105,007 entitled "Automatic Financial Account Processing System". Although the Company has not yet received the Notice from the PTO, the posting of the Notice on PAIR constitutes an official notification and cites the "Reasons for Patentability / Confirmation." The Notice indicates the Reexamination resulted in the full allowance of all the claims of the Company's U.S. Patent No. 6,105,007.
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Joe Boyle, Chairman, President and Chief Executive Officer, stated, "This is a significant event in our defense of our patents. Not only does it represent the conclusion of a two-year reexamination process associated with U.S. Patent No. 6,105,007, but it represents a successful conclusion to the seven year process in which we have also successfully defended, through reexamination, our other two patents, U.S. Patent Nos. 5,870,721 and 5,940,811. We consider this a significant validation of our patents and our decision to exploit the value of our patents through a patent licensing business model. The continuous reexaminations of our patents have inhibited our licensing program over the past seven years and our ability to attract capital resources. Our next challenge will be to secure the capital resources to continue the operations of the Company and realize the maximum value from our patent portfolio."
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. 6,105,007.
Forward-looking statements in this news release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that our business is subject to several substantial risks and uncertainties, including the Company's very limited capital resources and the possibility that we may be unable to raise additional capital in amounts sufficient to permit it to continue its operations; 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 by the U.S. Patent and Trademark Office or challenge by third parties; the possibility all or some of the holders of the convertible secured notes issued by the Company may take action to collect the amounts outstanding under these notes; the result of ongoing litigation; and unanticipated costs and expenses affecting the Company's cash position. If the Company is not able to raise additional capital immediately, it may be forced to consider alternatives for winding down its business, which may include offering its patents for sale or filing for bankruptcy protection. Moreover, if any of the holders of the convertible notes issued by the Company take action to collect the amounts owed by the Company under these notes, the Company will 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 may cause actual results to differ materially from those anticipated.
Contact:
Affinity Technology Group, Inc.
Joe Boyle, 803-758-2511
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Source: Affinity Technology Group, Inc. |
