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FOR IMMEDIATE RELEASE
Contact: Joe Boyle
Chief Executive Officer
803-758-2528
AFFINITY SUES THE
DIME SAVINGS BANK AND HUDSON UNITED CORPORATION
Columbia, SC, April 19, 2000 -
Affinity Technology Group, Inc. [NASDAQ: AFFI] today announced
that it has filed suit against The Dime Savings Bank of New York
and Hudson United Bancorp. The suit was filed in the United States
District Court for the district of South Carolina, Columbia Division.
Affinity's complaint arises out of claims for a breach of its iDEAL
system contract with Dime. Additionally, the complaint alleges intentional
interference with the contract by Hudson which is in the process
of merging with Dime, and contains a civil conspiracy claim against
both Dime and Hudson.
Joe Boyle, President and Chief Executive Officer of Affinity, stated,
"After numerous discussions with The Dime Savings Bank regarding
the status of the deployment of our iDEAL system and amounts we
are due for the work we have performed, we had no alternative but
to file the lawsuit. We have spent millions of dollars and have
expended significant resources in the development of the system,
and our discussions with Dime indicate they do not intend to use
the system due to the proposed Hudson merger."
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.
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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 forward-looking statements involve risks and uncertainties,
including general economic conditions, delays and risks associated
with the development of new technologies, consumer and industry
acceptance of automated delivery channels, and regulatory risks,
that may cause actual results to differ materially from those projected.
NOTE TO INVESTORS AND EDITORS: Affinity's press
releases are available on the Internet through Business Wire's web
site at http://www.businesswire.com. The releases are also available
at no extra charge through Business Wire's Company News-On-Demand
fax service at 1-800-340-7544.
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