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South Carolina Court of Appeals Rules in the Ligon Case Affinity Technology Group, Inc. (OTCBB: AFFI) announced November 2, 2006, that the South Carolina Court of Appeals has reinstated a jury verdict against the Company and its founder, Jeff Norris, of $382,148 in connection with a lawsuit brought against the Company by Temple Ligon. The jury verdict resulted from a January 2004 trial, in which Ligon claimed that Affinity breached an agreement to give him a 1% equity interest in the company in consideration for services he claims to have performed in 1993 and 1994. Ligon sought damages of $5.4 million. The jury verdict of $382,148 was set aside by the trial judge in July 2004. Ligon appealed the trial judge's ruling to the Court of Appeals. Joe Boyle, Affinity's president and chief executive officer, stated, "We are not in agreement with the Appeal Court's ruling concerning this ten-year-old case. We continue to believe the trial court judge ruled properly in overturning the jury verdict and that we have meritorious defenses against Mr. Ligon's claims. We will petition the Appeals Court for a rehearing of this case and seek further appeals, if necessary."
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. 5,940,811C1, and No. 6,105,007C1. Forward-looking statements in this news release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The lawsuit filed against the Company by Temple Ligon has not been finally resolved, and we are unable at this time to determine how this lawsuit ultimately will be resolved. In particular, we cannot assure you that we will prevail in any actions taken by the company to challenge the verdict. Moreover, we cannot assure you that we will be able to reduce the amount of the damage award, or that such damage award will not be increased as a result of actions taken by the court or Temple Ligon. Moreover, we cannot offer any assurances that Affinity will prevail on its claims of patent infringement against third parties or that such claims will result in monetary damages to Affinity. Investors are cautioned that our business is subject to several additional risks and uncertainties, including the risk that we may lose all or part of the claims covered by our patents as a result of 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 result of ongoing litigation, including our patent litigation; and unanticipated costs and expenses affecting the Company's cash position or its ability to raise additional capital, if needed. These and other factors may cause actual results to differ materially from those anticipated.
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