AFFI News ... Affinity Appoints Exclusive Licensing Agent
Thursday January 30, 7:01 am ET
COLUMBIA, S.C.--(BUSINESS WIRE)--Jan. 30, 2003--Affinity Technology Group, Inc. (OTCBB:AFFI - News) today announced that its patent licensing subsidiary, decisioning.com, Inc., has appointed LPS Group, a division of Information Holdings Inc. (NYSE:IHI - News), as its exclusive patent licensing agent. Under the terms of the agreement, LPS Group will be compensated on a contingency basis from patent licenses granted by the company and will assume responsibility for promoting and negotiating licenses for the company's patents as well as arranging for legal representation in the event that litigation becomes necessary. Under the agreement, Dooyong Lee, President of LPS Group, will personally lead the licensing effort.
Joe Boyle, Chairman and Chief Executive Officer of Affinity, stated, "We are very pleased and excited by the appointment of LPS Group and with our association with Mr. Lee, who has over 18 years of technology management and patent licensing experience. We have considered several different models to exploit the value of our patents and have concluded that the experience and expertise of Mr. Lee, along with the resources of LPS Group, will enhance the credibility and viability of our program. Additionally, the compensation arrangements with LPS Group will place minimum requirements on our existing financial resources."
Mr. Lee stated, "We were first introduced to Affinity's patent portfolio in 2001 and have continued to follow with interest the reexamination of their first loan processing patent, which was completed several months ago. The conclusion to the reexamination should strengthen their entire patent portfolio, and we are excited that Affinity has selected LPS Group to represent them."
........Larry....!!..
....................The best is YET to come....!!
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