AFFI PRESS RELEASE ... Press ReleaseSource: Affinity Technology Group, Inc.
Affinity Issues Additional Convertible Notes and Announces a New Executive Structure
Monday March 17, 8:36 am ET
COLUMBIA, S.C.--(BUSINESS WIRE)--March 17, 2003--Affinity Technology Group, Inc. (OTCBB:AFFI - News) today announced that it has completed a private placement of $200,000 principal amount of its convertible notes.
The issuance of the convertible notes is a continuation of the convertible note program under which the Company first sold its convertible notes in June 2002. The notes mature in two years, are convertible into the Company's common stock at $0.20 per share, and are secured by all the outstanding stock of the Company's wholly-owned patent licensing subsidiary, decisioning.com.
Affinity also announced that Joseph A. Boyle, the Company's President and Chief Executive Officer, will significantly reduce his time commitment to the Company beginning in April 2003. This measure reflects Affinity's engagement of LPS Group to manage the day-to-day aspects of its patent licensing program. Mr. Boyle will continue to serve on a reduced basis as Affinity's President and Chief Executive Officer, and has also accepted a position in the Columbia office of Elliott Davis, LLC, a leading southeastern accounting and consulting firm.
Affinity also announced that Sean Douglas has been promoted to Executive Vice President and Chief Operating Officer. It that capacity, Mr. Douglas will oversee the Company's day-to-day operations and activities.
Mr. Boyle stated, "With the recent appointment of LPS Group as our exclusive licensing agent, my responsibilities have been greatly diminished. Since the end of January, I have worked closely with Dooyong Lee, the President of LPS Group, to integrate him into our patent licensing program. Now that we are past that stage, our resources are best used to pursue our patent licensing program through our agent. I will continue to oversee Mr. Lee's work and to fulfill my ongoing responsibilities as the Company's President and Chief Executive Officer. I am also pleased about the appointment of Sean Douglas as our Executive Vice President and Chief Operating Officer. Sean has worked for the Company for over 7 years, and Affinity is fortunate to have his abundant knowledge and management skills to handle the day-to-day operations of the Company.
Interested shareholders are invited to read my 'Message to Shareholders' which further discusses our new executive structure at our website located at www.affi.net."
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