Affinity Technology Group Enters Into an Agreement to Pay Off $1 Million Convertible Debenture
TUESDAY, SEPTEMBER 18, 2001 8:32 AM
- BusinessWire
Affinity Technology Group Enters Into an Agreement to Pay Off $1 Million Convertible Debenture
COLUMBIA, S.C., Sep 18, 2001 (BUSINESS WIRE) -- Affinity Technology Group, Inc. today announced that it has amended its $1 million convertible debenture purchase agreement with an international institutional investor.
Under the terms of the amendment, remaining principal and accrued interest of $703,435 will be repaid in installments through June 2002. Terms of the amendment also include provisions whereby certain warrants previously issued by Affinity will be repriced to $0.05 per share, and the conversion feature of the debenture will be eliminated subject to the timely payment of all remaining installments by Affinity.
Joe Boyle, Chairman, President and Chief Executive Officer of Affinity, said, "We are pleased that we were able to restructure the convertible debenture. This Agreement will reduce our exposure to the dilutive aspects of a convertible instrument and provide us with more flexibility as we continue to evaluate possible capital raising alternatives."
About Affinity Technology Group, Inc.
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 solutions 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 .
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 these statements involve several risks and uncertainties that may cause actual results to differ materially from those projected.
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