UNITED STATES
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
Date of Report (Date of Earliest Event Reported): | January 28, 2009 |
Avatech Solutions, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)
Delaware | 001-31265 | 84-1035353 |
_____________________ (State or other jurisdiction | _____________ (Commission | ______________ (I.R.S. Employer |
of incorporation) | File Number) | Identification No.) |
10715 Red Run Boulevard, Owings Mills, Maryland | 21117 | |
_________________________________ (Address of principal executive offices) | ___________ (Zip Code) |
Registrant’s telephone number, including area code: | 410-581-8080 |
Not Applicable
______________________________________________
Former name or former address, if changed since last report
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))
Item 1.01 Entry into a Material Definitive Agreement.
On January 28, 2009, Avatech Solutions, Inc. ("Registrant") and Avatech Solutions Subsidiary, Inc., a controlled subsidiary of the Registrant ("Subsidiary"), renewed their $5 million revolving line of credit agreement with PNC Bank (the "Lender"). The new credit facility was renewed with similar provisions except that the new interest rate applied to outstanding borrowings will be the 30-day London Interbank Offered Rate (LIBOR) plus 2.25%. The line of credit continues to allow for borrowings up to $5 million limited to 80% of the Registrant’s aggregate outstanding eligible accounts receivable and is secured by all of the assets of the Registrant and Subsidiary. The new credit facility will expire on December 31, 2010 subject to an annual review and reaffirmation.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit 10.1 - Third Modification Agreement dated January 28, 2009 (filed herewith).
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.
Avatech Solutions, Inc. | ||||
January 30, 2009 | By: | Lawrence Rychlak | ||
Name: Lawrence Rychlak | ||||
Title: Executive Vice President and Chief Financial Officer |
Exhibit Index
Exhibit No. | Description | |
10.1 | Third Modification Agreement dated January 28, 2009 (filed herewith) |