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:
September 15, 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.)
11400 Cronridge Drive, Suite A, Owings Mills, Maryland 21117
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(Address of Principal Executive Offices) (Zip Code)
(410) 581-8080
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(Registrant's telephone number)
Item 5. Other Events.
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Reference is made to the press release issued by the Registrant on
September 15, 2003, the text of which is attached hereto as Exhibit 99.1, for a
description of the event reported pursuant to this 8-K.
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 September 15, 2003.
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: September 16, 2003 Avatech Solutions, Inc.
By: /s/ Beth O. MacLaughlin
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Beth O. MacLaughlin
Chief Financial Officer and
Principal Accounting Officer
Exhibit 99.1
Contact: Melody Craigmyle
Tel: (410) 581-8080
MCraigmyle@avatechsolutions.com
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11400-A Cronridge Dr. Owings Mills, MD 21117
FOR IMMEDIATE RELEASE
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Avatech Solutions Declares 2-for-1 Stock Dividend
Owings Mills, MD (September 15, 2003) --- Avatech Solutions, Inc.
(OTCBB:AVSO.OB) today announced that its Board of Directors has declared a two
for one stock dividend on the Company's common stock. Two additional shares of
common stock will be issued on October 1, 2003 for each share owned of record on
September 15, 2003.
"We are pleased to reward our loyal shareholders as the company's prospects
continue to improve," said Donald R. "Scotty" Walsh, chief executive officer of
Avatech. "It is also expected that the move should provide additional liquidity
to better accommodate prospective investors as Avatech grows."
The stock dividend will increase the total number of shares of common stock
outstanding from 2,968,238 to approximately 8,904714. The company has 22,500,000
shares authorized. Trading will begin on a dividend-adjusted basis on Thursday,
October 2, 2003.
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
Page 2 - Avatech Solutions Declares 2-for-1 Stock Dividend
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, the current report on Form 8-K filed with the
Securities and Exchange Commission on January 30, 2003 and the quarterly report
on Form 10-QSB for the quarter ended 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.