Business Services Industry
Affinity Announces Court's Grant of Federated's Summary Judgment Motion
Business Wire, March 28, 2007
COLUMBIA, S.C. -- Affinity Technology Group, Inc. (OTCBB:AFFI) today announced that the United States Federal Court for the District of South Carolina Columbia Division (the "Court") has granted the summary judgment motion filed by Federated Department Stores, Inc. in January 2007. In its summary judgment motion, Federated requested the Court to dismiss the infringement claim for U.S. Patent No. 6,105,007 brought by Affinity through its subsidiary, decisioning.com, Inc., against Federated. Based on the Court's Markman rulings from December 2006 concerning the interpretation of the meaning and application of the terms "remote interface" and "verification of identity," the Court granted Federated's motion and dismissed the lawsuit.
Joe Boyle, Chairman, President and Chief Executive Officer, stated, "The Court's ruling was no surprise given the Court's previous Markman rulings in which certain of our patent's terms, especially the term 'remote interface,' were narrowly and, we believe, improperly interpreted. As we have previously stated, we believed that the Court's Markman rulings would probably necessitate an appeal to the U.S. Court of Appeals for the Federal Circuit. That appeal could not commence until the Court ruled on the summary judgment motions. Now we can immediately proceed with the appeals process, which we intend to vigorously pursue. Ameritrade and HSBC have also filed summary judgment motions on grounds similar to Federated, and we anticipate receiving rulings by the Court on those motions shortly."
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. 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 substantial risks and uncertainties, including the Company's very limited capital resources and the possibility that we may be unable to raise additional capital in amounts sufficient to permit us to continue operations; the risk that we may be unable to obtain favorable claims interpretations through post Markman hearing motions and/or appeals; 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 results of ongoing litigation, including patent litigation and our ongoing lawsuit with Temple Ligon; and unanticipated costs and expenses affecting the Company's cash position. If the Company is not able to raise additional capital when needed or becomes obligated to pay more than an insignificant amount in connection with the Temple Ligon litigation, it may be forced to consider alternatives for winding down its business, which may include offering its patents for sale or filing for bankruptcy protection. These and other factors may cause actual results to differ materially from those anticipated. These factors are discussed in greater detail in the Company's filings with the Securities and Exchange Commission. The Company is not responsible for updating the information contained in this press release beyond the publication date, or for changes made to this document by wire services or Internet Services.
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