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 20, 2004
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
Reference is made to the press release issued by the Registrant on
January 20, 2004, the text of which is attached hereto as Exhibit 99.1, for a
description of the event reported pursuant to this Form 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 January 20, 2004.
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: January 21, 2004 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
Avatech Solutions, Inc. - Corporate Headquarters
11400-A Cronridge Drive
Owings Mills, MD 21117
phone: 410-902-6900
fax: 410-902-8324
www.avatechsolutions.com
FOR IMMEDIATE RELEASE
Avatech Solutions Closes Private Placement of
Series D Convertible Preferred Stock And Warrants
BALTIMORE, MARYLAND - January 20, 2004 - Avatech Solutions, Inc. (OTCBB:
AVSO.OB), the recognized leader in design and engineering technology for the
manufacturing, building design and engineering markets, announced it has closed
a private placement of stock purchase warrants and Series D Convertible
Preferred stock. Avatech raised a total of $778,522 in the sale of 1,297,537
shares of preferred stock and warrants to purchase 1,730,049 shares of the
company's common stock. 16 investors participated in the offering, including the
company's Chairman of the Board, W. James Hindman, and Capstone Ventures SBIC
L.P., an affiliate of Board member Eugene Fischer. Proceeds of the offering will
be used for working capital and to fund the company's expansion strategy.
"We are extremely pleased by the response to this preferred stock offering,"
said Avatech CEO, Scotty Walsh. "It is a reflection of renewed confidence by
these investors in the execution of our strategic business plan and our return
to profitability."
About Avatech Solutions
Avatech Solutions, Inc. (OTCBB: AVSO.OB) is the recognized leader in design and
engineering technology with unparalleled expertise in CAD software, data
management and process optimization for the manufacturing, engineering, building
design and facilities management industries. Headquartered in Owings Mills,
Maryland, the company specializes in software integration, standards development
and deployment, education and technical support. Avatech is one the largest
integrators of Autodesk software worldwide and a leading provider of SMARTEAM
PLM 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 Solutions' Closes Series D Preferred Stock Offering/ Page 2
Avatech's Securities and Exchange Commission filings, including, but not limited
to, the annual report on Form 10-K for the year ended June 30, 2003, the Proxy
Statement filed on October 10, 2003 in connection with Avatech's 2003 annual
shareholder meeting, the quarterly report on Form 10-Q for the quarter ended
September 30, 2003, and the current report on Form 8-K filed with the Securities
and Exchange Commission on November 17, 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.
All brand names, product names, or trademarks belong to their respective
holders.
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Media Contacts:
Melody Craigmyle
Avatech Solutions, Inc.
Phone +1 (410) 581 8080
Fax +1 (410) 581 8088
mcraigmyle@avatechsolutions.com