UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): November 4, 2008
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AFFINITY TECHNOLOGY GROUP, INC.
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(Exact Name of Registrant as Specified in its Charter)
Delaware 0-28152 57-0991269
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(State or Other (Commission (IRS Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
1310 Lady Street, Suite 601
Columbia, South Carolina 29201
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(Address of Principal Executive Offices)(Zip Code)
Registrant's telephone number, including area code: (803) 758-2511
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
|_| Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Section 1 - Registrant's Business and Operations
Item 1.01. Entry into a Material Definitive Agreement.
On November 4, 2008, the United States Bankruptcy Court, District of South
Carolina (the "Court") entered its order authorizing the appointment by Affinity
Technology Group, Inc.(the "Company") of IP Investments Group LLC as its sales
broker and consultant for the purpose of selling the patents the Company owns
through its wholly-owned subsidiary, decisioning.com, Inc. On October 22, 2008,
the Company entered into a letter agreement with IP Investments Group LLC
("IPI"), subject to approval of the Court, under which the Company engaged IPI,
on an exclusive basis, to provide professional services in connection with the
sale or licensing of the Company's patent portfolio (U.S. Patent No.
5,870,721C1, No. 5,940,811C1, No. 6,105,007C1 and No. 5,537,315).
Under the terms of the letter agreement IPI will: (1) assist the Company in
identifying entities which might be interested in acquiring and/or licensing the
Company's patent portfolio; (2) attempt to negotiate financial terms and
conditions for the acquisition and/or licensing of the Company's patent
portfolio; and (3) assist the Company in connection with the collection of
compensation related to the sale and/or licensing of its patent portfolio.
In consideration of the services provided by IPI, the Company has agreed to pay
to IPI 20% of any compensation received for the sale and/or licensing of the
patent portfolio up to $1,000,000, and 25% of any such amounts received in
excess of $1,000,000.
Section 9 - Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit 10.1 Letter Agreement, dated October 22, 2008, between Affinity
Technology Group, Inc., decisioning.com and IP Investments LLC.
Signatures
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 hereunto duly authorized.
AFFINITY TECHNOLOGY GROUP, INC.
(Registrant)
Date: November 7, 2008 By: /s/ Joseph A. Boyle
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Joseph A. Boyle
President and Chief Executive Officer
EXHIBIT INDEX
Exhibit 10.1 Letter Agreement, dated October 22, 2008, between Affinity
Technology Group, Inc., decisioning.com and IP Investments LLC.