Affinity Technology Group, Inc (fka AFFI)

[maddogs]

Wonder what those patents are worth..
Affinity’s patent portfolio includes U. S. Patent No. 5,870,721C1, No. 5,940,811C1, and No. 6,105,007C1.

COLUMBIA, S.C.--(BUSINESS WIRE)--Affinity Technology Group, Inc. (OTCBB:AFFI) today announced financial results for the second quarter and six months ended June 30, 2008.

Revenues for the quarter were $8 thousand, with a net loss of $514 thousand, or $0.01 per share. Second quarter 2007 revenues were $8 thousand and the Company reported a net loss of $476 thousand or $0.01 per share. The weighted average number of shares outstanding during the three months ended June 30, 2008 was 47.1 million, compared to 45.3 million for the same period in 2007.

For the first six months of 2008, revenues were $17 thousand, with a net loss of $742 thousand, or $0.02 per share. Revenues for the comparable period in 2007 were $17 thousand, with a net loss of $919 thousand, or $0.02 per share. The weighted average number of shares outstanding during the six months ended June 30, 2008, was 47.1 million, compared to 45.3 million for the same period in 2007.

In other news, Affinity announced that it has filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court, District of South Carolina. In connection with this proceeding, Affinity has filed motions with the Court requesting permission to go forward on the basis of a debtor-in-possession to execute its plan of offering its patents and other assets for sale under the supervision of the Court.

Joe Boyle, Chairman, President and Chief Executive Officer of Affinity, stated, "We are obviously disappointed that we have had to file for bankruptcy. However, as we have previously announced, our financial resources are nearing exhaustion, and due to the limitations placed on our patents in May by the United States Court of Appeals for the Federal Circuit, we believe the further pursuit of our patent licensing program and the raising of additional capital necessary to continue such pursuit is not a realistic alternative. Accordingly, our plan is to offer our patents for sale in an orderly process while we are in Chapter 11 and to avoid a Chapter 7 liquidation, in which a court-appointed trustee would execute the sales process. It is possible, however, that our limited resources or other factors could later force us to convert our Chapter 11 case to a Chapter 7."

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 a remote interface, as applicable. Affinity’s patent portfolio includes U. S. Patent No. 5,870,721C1, No. 5,940,811C1, and No. 6,105,007C1.