NEWS RELEASE
Exhibit 99.1
For Immediate Release
Contact:
Elizabeth Goode, Director Marketing
(661) 295-5600, ext. 2632
goodee@3dsystems.com
Trudy Self, Investor Relations
Self & Associates
(909) 336-5685
tmself@aol.com
3D Systems Board of Director's Audit Committee Updates Status of
Investigation
VALENCIA, Calif.- April 23, 2003. 3D Systems Corp. (NASDAQ: TDSCE). 3D
Systems Corp. announced today an update on the status of the investigation
undertaken by its Board of Director's Audit Committee into issues involving
revenue recognition. The Audit Committee has reported to the Board that the
investigation is nearing conclusion and that it has received preliminary reports
from the law firm of Morgan, Lewis & Bockius, LLP and the accounting firm of BDO
Seidman, LLP. The Audit Committee plans to discuss these reports with the
Company's Board of Directors and with Deloitte & Touche, the Company's auditors,
in the next week. Upon completion of the investigation, the Company intends to
request that Deloitte & Touche complete its audit as soon as possible.
The Company intends to report the findings of the investigation to the SEC
as soon as practical.
The Company also announced that the Audit Committee has engaged BDO Seidman
to replace Deloitte & Touche as the Company's auditors for 2003. Deloitte &
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Touche had advised the Company on April 16, 2003, that they would not stand
for re-election. No disagreements or other reportable events currently exist
between the Company and Deloitte & Touche. However, the investigation of the
Audit Committee is not complete, and its findings may materially impact the
previously issued financial statements and related reports thereon and result in
a determination that events requiring disclosure have occurred. The Company has
also determined that it would not be advisable to file any portion of its annual
report on Form 10-K for 2002 until its audit is complete. Following the
completion of its audit and the filing of its Form 10-K, the Company will
announce Q1 2003 results.
The Company further announced that the employment of E. James Selzer,
former chief financial officer of the Company who was placed on administrative
leave on February 15, 2003, had been terminated effective April 21, 2003.
About 3D Systems
Founded in 1986, 3D Systems(R), the solid imaging company(SM), provides
solid imaging products and solutions that reduce the time and cost of designing
products and facilitate direct and indirect manufacturing. Its systems utilize
patented technologies to create physical objects from digital input that can be
used in design communication, prototyping, and as functional end-use parts.
3D Systems currently offers the ThermoJet(R) solid object printer, SLA(R)
(stereolithography) systems, SLS(R) (selective laser sintering) systems, and
Accura(R) materials (including photopolymers, metals, nylons, engineering
plastics, and thermoplastics).
3D Systems is the originator of the advanced digital manufacturing
(ADM(SM)) solution for manufacturing applications. ADM is the utilization of 3D
Systems solid
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imaging technologies to accelerate production of smaller volumes of
customized/specialized parts. A typical ADM center is expected to contain
multiple 3D Systems' SLA, MJM and/or SLS systems dedicated to full-time
manufacturing applications.
Product pricing in the U.S. ranges from $49,995, for the ThermoJet printer,
to $799,000 for the high-end SLA 7000 system. 3D Systems' multiple platform
product line enables companies to choose the most appropriate systems for
applications ranging from the creation of design communication models to
prototypes to production parts. More information on the company is available at
www.3dsystems.com, or by phoning 888/337-9786, or 661/295-5600 ext. 2882
internationally. An investor packet can be obtained by calling 800/757-1799.
Note to editors: ADM and the solid imaging company are service marks; and si2 is
a trademark; and ThermoJet, SLA, SLS, Accura, 3D Systems and the 3D logo are
registered trademarks of 3D Systems Inc.
Certain statements in this news release may include forward-looking statements
that express the expectation, prediction, belief or projection of 3D Systems.
These statements involve known and unknown risks, uncertainties and other
factors that may cause the actual results, performance and achievement of 3D
Systems to be materially and adversely different from any future results,
performance or achievement expressed or implied by these forward-looking
statements. Factors that may cause actual results to differ from the
forward-looking statements contained in this release and that may affect the
company's prospects in general include, but are not limited to: the timing and
outcome of the Audit Committee investigation; the impact of the findings of the
Audit Committee on the financial condition of the Company and otherwise, the
consequences of a late filing of the Company's Form 10-K under the rules and
regulations of the SEC and Nasdaq, the outcome of the Company's appeal of
Nasdaq's determination to delist the common stock from the National Market; the
addition of an
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"E" to the Company's trading symbol thus changing the Company symbol to "TDSCE",
the funding of amounts of capital adequate to provide for the working capital
needs of the Company; actions of competitors and customers; the company's
ability to successfully design and produce new products; customer acceptance of
new products; the Company's ability to enter into successful relationships with
new customers to fully exploit its products; the Company's ability to
successfully implement all elements of its restructuring and cost savings
program, and such other factors as are described in the Company's filings with
the Securities and Exchange Commission. The Company does not undertake to update
any forward-looking statements.
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