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:
May 16, 2003
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.
Registrant issued a press release on May 15, 2003 announcing that its
financial results for the quarter and nine months ended March 31, 2003 had been
reported by the Registrant on form 10Q, filed with the Commission on May 15,
2003, and reporting the registrant's product lifecycle management strategy and
refined middle-market focus. The Registrant also reported the termination of its
memorandum of understanding with Unigraphic Solutions, Inc., a subsidiary of
Electronic Data Systems Corporation ("EDS"), pursuant to which Registrant was
negotiating to become a certified reseller of EDS' product lifecycle management
software. The press release, filed as an exhibit hereto, is incorporated herein
by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits: The following exhibits are filed as part of this Current
Report:
99.1 the Registrant's Quarterly Report on Form 10Q, (incorporated
herein by reference to the Registrant's Quarterly Report on Form 10Q, No.
001-31265, filed on May 15, 2003).
99.2 Press Release dated May 15, 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 hereunto duly authorized.
Date: May 16, 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
Avatech Solutions Reports Results for Quarter and Nine Months Ended March 31,
2003 CEO Walsh outlines PLM strategy and refined middle-market focus
May 15, 2003 -- OWINGS MILLS, MD -- Avatech Solutions, Inc. (OTCBB: AVSO.OB)
today reported total revenue of $6.7 million for the quarter ended March 31,
2003, resulting in a net loss of $758,790 or $.26 per common share. For the
nine-month period ended March 31, 2003, total revenue amounted to $19.0 million,
resulting in a net loss of $586,445 or $.23 per share. At March 31, 2003, total
assets were $7.8 million.
"Avatech has recently made two significant announcements which are steps toward
implementing our strategic business plan for becoming a PLM provider with a
refined focus in the middle-market," said Scotty Walsh, CEO of the company.
Avatech and Dassault Systemes earlier today announced the signing of a
Memorandum of Understanding (MOU) agreement under which Avatech will become an
integrated SMARTEAM PLM solutions provider, and a Dassault Systemes CAA V5
partner for complementary application development. The agreement includes
financial assistance from Dassault to accelerate the development of Avatech's
PLM marketing, sales and services team. The transaction is expected to close
before September 30, 2003.
The company announced yesterday [see release dated May 14, 2003] that it has
negotiated the sale of its PrescientQA software suite to TDCi Ltd, a firm that
has served as Avatech's European master distributor for the products since
Avatech merged with PlanetCAD. Avatech retains the rights to Proof Positive, its
middle-market quality assurance product currently developed for the Autodesk
Inventor platform, which is built upon the PrescientQA technology.
"These two events mark key advances in the execution of our overall plan to
diversify our company and focus on the area we are strongest, which is the
mid-market space," said Walsh. "The new partnerships with Dassault Systemes and
TDCi enable us to pursue new business opportunities and grow our presence in the
PLM space, while maintaining a clear focus on our established customer base."
Avatech and EDS PLM have terminated their previously announced discussions, and
Avatech will not become an EDS PLM reseller.
About Avatech Solutions
Avatech Solutions, Inc. (OTCBB: AVSO.OB) is a leading provider of design
automation and PLM 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
serves 18,000 clients worldwide including the industry leaders from Fortune 500
and Engineering News Record's Top 100 companies. Visit
http://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, June 30 and September 30, 2002, the Proxy
Statement/Prospectus included in PlanetCAD's registration statement on Form S-4
relating to the PlanetCAD-Avatech merger, current reports on Form 8-K filed with
the Securities and Exchange Commission on January 31, February 19, March 4, and
April 15, 2003 and the quarterly reports on Form 10-Q for the quarters ended
December 31,2002 and March 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 MCraigmyle@avatechsolutions.com.