OWINGS MILLS, Md.--(BUSINESS WIRE)--Jan. 31, 2003--Avatech
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
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
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
CONTACT: Avatech Solutions, Owings Mills Melody Craigmyle, 410/581-8080 Email Contact