|
FOR IMMEDIATE RELEASE
Contact: Joe Boyle
Chief Executive Officer
803-758-2528
AFFINITY TECHNOLOGY GROUP ANNOUNCES REDUCTION
IN WORKFORCE
Columbia, SC, March 20, 2001 – Affinity
Technology Group, Inc. (OTCBB: Affi) today announced that it has
reduced its work force by one-third.
Twelve employees were dismissed from the Company,
leaving a total staff of twenty-four. All of the affected employees
were in positions relating to the Company’s software sales and transaction
processing divisions.
Joe Boyle, Affinity’s President and Chief Executive
Officer, stated, "This is always difficult, but the company
has not been successful selling its software and transaction processing
under its present ASP model. At the present time the company must
focus on businesses which are less capital intensive. Accordingly,
in the near-term we will concentrate on our mortgage business and
continue to pursue opportunities related to our patent portfolio."
Mr. Boyle also stated, "we will also continue to pursue capital
raising initiatives and continue to evaluate revenue opportunities
through the sale of certain of our software products other than
under an ASP model."
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 www.affi.net.
# # #
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.
|