Affinity Receives First Office Action on the Reexamination of Its Financial Account Patent
Affinity Receives First Office Action on the Reexamination of Its Financial Account Patent
COLUMBIA, S.C.
July 6, 2005
Affinity Technology Group, Inc. (OTCBB:AFFI - News), which previously announced that its financial account patent (U.S. Patent No. 6,105,007) was undergoing a reexamination proceeding at the United States Patent and Trademark Office (USPTO), today announced that it has received a first office action from the USPTO. This office action contains a preliminary rejection of the claims covered by the patent. The first office action is not final, and the Company now has an opportunity to participate in the reexamination proceeding, which has been ongoing for over a year.
Joe Boyle, Chairman, President and Chief Executive Officer of Affinity, stated, "Our receipt of this first office action permits us to now present our case to the Patent Office, and we are pleased to enter the next stage of this proceeding. The preliminary rejection of the claims was not a surprise to us and is consistent with the previous reexamination proceedings of both our patents covering loan processing (U.S. Patent Nos. 5,870,721 and 5,940,811). For the first time since this reexamination was requested in March 2004, we now have the opportunity under the Patent Office rules to discuss the merits of our case with the Patent Office. We plan to vigorously assert the validity of the claims covered by this patent."
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. 5,940,811, 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 us to continue operations; the risk that we may lose all or part of the claims covered by our patents as a result of existing and future 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 that 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. No assurances can be given as to the ultimate outcome of the reexamination of the Company's financial account patent. In addition, if the Company is not able to raise additional capital, 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
--------------------------------------------------------------------------------
Source: Affinity Technology Group Inc.
COLUMBIA, S.C.
July 6, 2005
Affinity Technology Group, Inc. (OTCBB:AFFI - News), which previously announced that its financial account patent (U.S. Patent No. 6,105,007) was undergoing a reexamination proceeding at the United States Patent and Trademark Office (USPTO), today announced that it has received a first office action from the USPTO. This office action contains a preliminary rejection of the claims covered by the patent. The first office action is not final, and the Company now has an opportunity to participate in the reexamination proceeding, which has been ongoing for over a year.
Joe Boyle, Chairman, President and Chief Executive Officer of Affinity, stated, "Our receipt of this first office action permits us to now present our case to the Patent Office, and we are pleased to enter the next stage of this proceeding. The preliminary rejection of the claims was not a surprise to us and is consistent with the previous reexamination proceedings of both our patents covering loan processing (U.S. Patent Nos. 5,870,721 and 5,940,811). For the first time since this reexamination was requested in March 2004, we now have the opportunity under the Patent Office rules to discuss the merits of our case with the Patent Office. We plan to vigorously assert the validity of the claims covered by this patent."
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. 5,940,811, 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 us to continue operations; the risk that we may lose all or part of the claims covered by our patents as a result of existing and future 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 that 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. No assurances can be given as to the ultimate outcome of the reexamination of the Company's financial account patent. In addition, if the Company is not able to raise additional capital, 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
--------------------------------------------------------------------------------
Source: Affinity Technology Group Inc.
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