Message #39 From:
Stock News Bot Date: September 19, 2007 08:27:01 AM
Avatech Solutions Announces Multi-Year Contract with CEO
Avatech Solutions, Inc. (OTCBB: AVSO.OB), the nationwide technology experts for design, engineering, and facilities management, today announced it has entered into a multi-year contract with President and Chief Executive Officer George M. Davis.
Thom Waye, Chairman of Avatech, commented, “Since George was appointed President and CEO in May 2007, he has been instrumental in realigning Avatech’s organization and operations in order to increase the company’s productivity, efficiency, communication and performance. I am pleased that Avatech will continue to benefit from his strong leadership over the next three years.
“In addition, I would like to emphasize that under the new compensation program we have structured, bonus compensation is directly linked to our operating and strategic plans, with a majority emphasis on profitability. This new agreement, which awards all additional incentive in equity, demonstrates complete buy-in from our CEO and represents a compensation structure that becomes increasingly more rewarding as the company excels. This approach incentivizes management to perform at the highest levels and on a basis fully aligned with the interests of shareholders while providing for the least amount of cash flow out of the company.
“I applaud George’s willingness and, more importantly, desire to be paid in such a way that he is clearly working for the benefit of Avatech’s shareholders.”
Forward-looking Statement
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. Statements that are not historical in nature, including those that include the words “goal,” “expect,” “anticipate,” “estimate,” “should,” “believe,” “intend,” and similar expressions, are based on current expectations, estimates and projections about, among other things, the industry and the markets in which Avatech operates, and they are not guarantees of future performance. Whether actual results will conform to expectations and predictions is subject to known and unknown risks and uncertainties, including risks and uncertainties discussed in this report; general economic, market, or business conditions; changes in interest rates, and demand for our products and services; changes in our competitive position or competitive actions by other companies; the ability to manage growth; changes in laws or regulations or policies of federal and state regulators and agencies; and other circumstances beyond our control. Consequently, all of the forward-looking statements made in this document are qualified by these cautionary statements, and there can be no assurance that the actual results anticipated will be realized, or, if substantially realized, will have the expected consequences on our business or operations.
Avatech Solutions, Inc. (OTCBB:AVSO.OB) is the recognized leader in design and engineering technology with unparalleled expertise in design automation, data management, and process optimization for the manufacturing, engineering, building design, and facilities management markets. Headquartered in Owings Mills, Maryland, the Company specializes in consulting, software systems integration and implementation, standards development and deployment, education, and technical support. Avatech is one of the largest integrators of Autodesk software worldwide and a leading provider of PLM solutions. The Company's clients include industry leaders from Fortune 500 and Engineering News Record's Top 100 companies. Visit http://www.avatech.com for more information.
Media Lippert/Heilshorn & Associates Dolores Naney Phone +1 (212) 838-3777 Fax +1 (212) 838-4568 dnaney@lhai.com or Avatech Solutions, Inc. Jean Schaeffer Phone +1 (410) 581-8080 Fax +1 (410) 753-1591 jean.schaeffer@avatech.com or Investor Relations Lippert/Heilshorn & Associates Harriet Fried / Jody Burfening Phone +1 (212) 838-3777 Fax +1 (212) 838-4568 hfried@lhai.com
