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:
December 4, 2002
Avatech Solutions, Inc.
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(Exact Name of Registrant as Specified in Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
001-31265 84-1035353
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(Commission File Number) IRS Employer Identification No.
1403 Cronhill Drive, Suite A, Owings Mills, Maryland 21117
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Address of Principal Executive Offices (Zip Code)
(410) 902-6900
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(Registrant's telephone number)
Item 5. Other Events.
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Registrant elected a new Chief Executive Officer and appointed a new
Vice Chairman of its Board of Directors. Reference is made to the press release
issued by the Registrant on December 4, 2002, the text of which is attached
hereto as Exhibit 99.1
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(c) Exhibits: The following exhibits are filed as part of this Current
Report:
99.1 Press Release dated December 4, 2002.
SIGNATURES
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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.
Date: December 4, 2002 Avatech Solutions, Inc.
By: /s/ A. Gary Rever
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A. Gary Rever
Chief Financial Officer and
Principal Accounting Officer
Contact: Melody Craigmyle
[LOGO] Tel: (410) 581-8080
MCraigmyle@avatechsolutions.com
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Kam Lidder
Cross Border Communications
Tel: (604) 421-5247
Kam@crossborderpr.com
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11400-A Cronridge Dr. Owings Mills, MD 21117
FOR IMMEDIATE RELEASE
________________________________________________________________________________
Avatech Solutions Appoints New CEO
December 4, 2002 - OWINGS MILLS, MD - Avatech Solutions (OTCBB: AVSO.OB), a
leading provider of design automation and quality assurance solutions for the
manufacturing, building design, civil engineering and GIS market, today
announced the appointment of Donald R. "Scotty" Walsh as the company's new chief
executive officer. Mr. Walsh is a 38-year veteran in the high technology sector
who will be responsible for developing Avatech Solutions into the industry's
premier provider of computer aided design products, quality assurance software,
and professional services worldwide.
"Scotty brings a proven track record of sales and marketing expertise to Avatech
and we're thrilled to see him move from being a member of the board and take a
leadership role as the CEO," said W. James "Jim" Hindman, Chairman of the Board
of Avatech Solutions. "At this accelerated stage in the company's development,
we are looking to Scotty to help us build a world-class organization. As we
provide our customers with complete value-based solutions, we expect to grow our
revenues in existing and new markets."
Consistently recognized for outstanding performance and leadership throughout
his career, Walsh's expertise stems from leading publicly traded technology
companies in the areas of sales, marketing and new market development. For 23
years, he held a variety of senior management positions with IBM where he
oversaw the development and market growth of large-scale systems to the
education, local and state government sectors within North America. Since 1990,
he has been involved with Brite Voice Systems (now InterVoice-Brite, Inc.), a
voice processing services provider, where he was instrumental in the company's
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growth from a small company with $10 million in annual revenues to a company
with $140 million in annual revenues in 1999 when it merged with InterVoice.
Walsh assisted in the integration of the two organizations into a company that
is the recognized world leader in converged voice and data solutions.
"With Avatech's recent unveiling of Proof Positive(TM) its first quality
assurance software product and the addition of the PrescientQA(TM) line of
software products, the company is poised to aggressively expand into new
markets," said Walsh, "I am pleased to be joining the organization at this time
and look forward to building a NASDAQ listed organization that is growing both
nationally and globally."
Avatech co-founder Hank Felton will be moving from CEO into a new position as
Vice Chairman of the Board. Working with Hindman, he will focus on improving
Avatech's financial/investor base and will oversee the development of the
company's controls and procedures to fully implement the Sarbanes-Oxley
requirements.
About Avatech Solutions
Avatech Solutions, Inc. is a leading provider of design automation and quality
assurance solutions for the manufacturing, building design, civil engineering
and GIS markets. Headquartered in Owings Mills, Maryland, the company
specializes in software development, technical support, training and consulting
aimed at improving design and documentation efficiencies and the seamless
integration of workflow processes.
Avatech is one of the largest integrators of Autodesk software worldwide and a
leading provider of engineering document management solutions. The company is
the developer of the award-winning PrescientQA(TM) quality assurance software
and cycle time reduction products for the manufacturing supply chain.
Avatech serves 20,000 clients worldwide including the industry leaders from
Fortune 1000 and Engineering News Record's Top 500 companies. Visit
www.avatechsolutions.com for more information.
This press release contains forward-looking statements about the expectations,
beliefs, plans, intentions and strategies of Avatech Solutions, Inc. There are a
number of important factors that could cause actual results to differ materially
from those anticipated by any forward-looking information. A description of
risks and uncertainties attendant to Avatech and its industry, and other factors
that could affect Avatech's financial results, are included in the Securities
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and Exchange Commission filings of PlanetCAD, Inc., which merged with Avatech on
November 19, 2002, including but not limited to, PlanetCAD's annual report on
Form 10KSB for the year ended December 31, 2001, its quarterly reports on form
10-Q for the fiscal quarters ended March 31, June 30, and September 30, 2002,
and the proxy statement/prospectus relating to the merger of Avatech and
PlanetCAD. Investors and shareholders may obtain a free copy of these documents
at the SEC's web site at www.sec.gov, or by contacting Gary Rever at Tel: (410)
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902-6900 or email investors@avat.com.
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