By Sheri Kasprzak
Atlanta, May 9 - Affinity Technology Group Inc. said it has issued $75,000 in principal of additional convertible notes, bringing to $1,355,336 the proceeds raised through the private placement of the notes.
The two-year notes bear interest at 8% annually and are convertible into common shares at $0.20 each.
The company first announced the convertible note offering in June 2002 and will continue issuing notes until it raises up to $1.5 million.
Affinity is currently in default on the principal and interest on its convertible notes and is being allowed to conduct the offering because existing noteholders agreed to it.
The notes are secured by the outstanding stock of its subsidiary, decisioning.com.
Based in Columbia, S.C., Affinity patents technologies used for the automated processing of loans, financial accounts and credit accounts.
| Issuer: | Affinity Technology Group Inc.
|
| Issue: | Convertible notes
|
| Amount: | $1,355,336
|
| Maturity: | Two years
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | $0.20
|
| Warrants: | No
|
| Settlement date: | May 9 (for $75,000 in principal)
|
| Stock price: | $0.09 at close May 6
|
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