SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
May 18, 1998 (Date of earliest event reported) Commission file number: 0-28152
Affinity Technology Group, Inc.
(Exact name of registrant as specified in its charter)
Delaware 57-0991269
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Affinity Technology Group, Inc.
1201 Main Street, Suite 2080
Columbia, SC 29201-3201
(Address of principal executive offices)
(Zip code)
(803) 758-2511
(Registrant's telephone number, including area code)
Item 5. Other Events
On May 18, 1998, Affinity Technology Group, Inc. issued a press release
announcing the appointment of Murray Smith as the Company's President and Chief
Executive Officer. The May 18, 1998 press release is attached as Exhibit 28 to
this Form 8-K and is incorporated herein by reference.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
28 Press release dated May 18, 1998
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Affinity Technology Group, Inc.
By: /s/ Joseph A. Boyle
Joseph A. Boyle
Senior Vice President, Chief
Financial Officer, Secretary
and Treasurer
Date: May 18, 1998
Exhibit 28.
FOR IMMEDIATE RELEASE
Contact: Mary Ann Dunnell
212/484-7797
AFFINITY TECHNOLOGY GROUP NAMES MURRAY SMITH CHIEF EXECUTIVE
OFFICER AND PRESIDENT
Smith Says Company Will Sharpen Its Strategic Focus and Customer Orientation
COLUMBIA, SOUTH CAROLINA - May 18, 1998 - Affinity Technology Group (NASDAQ:
AFFI) said today that its Board of Directors has named Murray Smith as the
company's Chief Executive Officer and President. Mr. Smith, 54, succeeds Jeff
Norris, the founder of Affinity, who will remain a member of the Board of
Directors.
"We are absolutely committed to improving Affinity's business performance and
capitalizing on opportunities in our core financial services markets," said Alan
Fishman, Chairman of Affinity's Board of Directors. "We believe Murray Smith's
experience in technology and financial services is ideally suited to Affinity,
and he will be in charge of all aspects of the company's sales and operations."
Mr. Smith is experienced in the loan decisioning process and the computer
systems that automate loans and other financial products. Adaptive Decision
Systems, the firm he established in 1987, develops custom systems for credit
scoring, behavior scoring, target marketing, and fraud detection.
Affinity's technology enables financial institutions to link their branches,
call centers, indirect agents and Internet customers electronically to their
credit departments, providing fully-automated lending - and, if necessary,
connectivity to a loan officer through every channel. Its major products include
the Automated Loan Machine, which enables customers to receive loans in just
minutes.
"Affinity can play an important role in a major change in financial services
that is being driven by technology," said Mr. Smith. "The company has the right
products at the right time, but we need to move quickly and decisively to turn
that promise into operating results. We will sharpen our focus on a few key
opportunities, build productive relationships with our customers, and run a
tight ship on the expense side," Mr. Smith added. "Affinity has a superb team of
employees, and I know they are up to the challenge."
Before founding Adaptive Decision Systems, Mr. Smith was Senior Vice President
and Chief Marketing Officer of AVCO Financial Services in Irvine, California. He
was previously an executive with The St. Paul Companies in St. Paul, Minnesota,
with profit and loss responsibility for commercial multiperil insurance, and
also worked as a management consultant advising financial services companies at
McKinsey & Company in New York.
A native of Columbia, South Carolina, Mr. Smith holds a B.A. from Davidson
College and an M.B.A. from Harvard University.
Affinity is headquartered in Columbia, South Carolina.
Statements in this news release looking forward in time 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.
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