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:
January 31, 2003
Avatech Solutions, Inc.
(Exact Name of Registrant as Specified in Charter)
Delaware
(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 issued a press release announcing the filing of a Current
Report on Form 8-K containing unaudited financial information as of September
30, 2002 reflecting its merger with PlanetCAD, Inc., and announcing certain
strategic initiatives. Reference is made to the press release issued by the
Registrant on January 31, 2003, the text of which is attached hereto as Exhibit
99.2.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits: The following exhibits are filed as part of this Current Report:
99.2 Press Release dated January 31, 2003.
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 thereunto duly authorized.
Date: January 31, 2003 Avatech Solutions, Inc.
By: /s/ A. Gary Rever
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A. Gary Rever
Chief Financial Officer and Principal
Accounting Officer
Exhibit 99.2
Contact: Melody Craigmyle
Tel: (410) 581-8080
MCraigmyle@avatechsolutions.com
11400-A Cronridge Dr. Owings Mills, MD 21117
FOR IMMEDIATE RELEASE
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Avatech Solutions Issues Proforma Financial Information
Following Its Merger With PlanetCAD
January 31, 2003 - 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 markets, today filed
with the Securities and Exchange Commission its Form 8-K containing proforma
financial statements (unaudited) reflecting combined information following the
recent completion of its merger with PlanetCAD Inc. Included in the filing are a
combined condensed balance sheet and statement of operations covering the
quarter ended September 30, 2002 and a statement of operations for the fiscal
year ended June 30, 2002, the most recent applicable periods for regulatory
reporting under SEC rules.
For the fiscal year ended June 30, 2002, the company reported total revenue of
$31.6 million on a combined proforma basis, resulting in a net loss of $7.8
million or $2.63 per common share. For the three months ended September 30,
2002, total revenue amounted to $6.2 million on a proforma basis, resulting in a
net loss of $0.2 million or $.08 per share.
"Since our completed merger with PlanetCAD Inc. less than three months ago, we
are satisfied with the progress we have made in combining both companies'
operations and in the creation of new revenue opportunities, but we are
certainly not yet at a stage where we are able to report the real synergies and
financial benefits of the combination," said Donald R. "Scotty" Walsh, CEO of
the company, who was appointed to that role December 4, 2002. Walsh is a 38-year
veteran in the high technology sector who will be responsible for the
accelerated development of Avatech Solutions through implementing new business
strategies and practices. "We have embarked on a revised business strategy to
increase revenue and profitability through investments in people, products and
geography, which we expect to elaborate in further announcements in the near
future," said Walsh.
About Avatech Solutions
Avatech Solutions, Inc. (OTCBB: AVSO.OB) 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 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 Avatech's
Securities and Exchange Commission filings, including, but not limited to, the
annual report on Form 10-KSB for the year ended December 31, 2001 of PlanetCAD,
Inc. (now Avatech Solutions, Inc.), quarterly reports on Form 10-QSB for the
quarters ended March 31 and September 30, 2002, the Proxy Statement/Prospectus
included in PlanetCAD's registration statement on Form S-4 relating to the
PlanetCAD-Avatech merger, and the current report on Form 8-K dated filed with
the Securities and Exchange Commission on January 31, 2003. Investors and
shareholders may obtain a free copy of the documents filed by Avatech Solutions,
Inc. with the Commission at the Commission's web site at www.sec.gov. The
documents also may be obtained for free by directing a request to Melody
Craigmyle, Director of Corporate Communications at 410-581-8080 or email
investors@avatechsolutions.com