Avatech Solutions Appoints New President and Chief Operating Officer.Business Editors/High-Tech Writers OWINGS MILLS, Md.--(BUSINESS WIRE)--April 16, 2003 Avatech Solutions (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : AVSO AVSO Association of Voluntary Service Organisations .OB), a leading provider of design automation and quality assurance solutions for the manufacturing, building design and engineering markets, has appointed Eric Pratt as its new President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . Pratt's appointment is a major step in the new management's plan to aggressively position the company in the product lifecycle Product lifecycle or product life cycle is the course of a product's sales and profits over time. The five stages of each product lifecycle are product development, introduction, growth, maturity and decline. management (PLM (Product Life cycle Management) A comprehensive information system that coordinates all aspects of a product from initial concept to its eventual retirement. Sometimes called the "digital backbone" of a product, it includes the requirements phase, analysis and design ) arena and take advantage of new growth opportunities ahead. Pratt's most recent position was Vice President of Business Development at Sonus Networks, Inc. Prior to the merger between Sonus and Telecom Technologies, Inc. (TTI TTI Texas Transportation Institute TTI Thoracic Trauma Index TTI Transmission Time Interval TTI Travel Time Index TTI Travel Technology Initiative TTI Technology Transfer Initiative TTI Traffic and Traveller Information TTI Technology Transfer Institute ), Pratt served as Executive Vice President - Sales, Marketing and Professional Services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. Division at TTI and oversaw the $800M merger of the two companies. Pratt was instrumental in a successful turnaround of the TTI professional services division, and also increased bookings by 1,500% ($9M-$135M) in one year. Under his leadership, TTI was awarded numerous marketing industry awards. "Eric has a keen ability to build solid teams, develop professional services organizations and leverage momentum within a company to drive it to the next level," said Scotty Walsh, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We expect Eric to move us firmly into the PLM space." "I look forward to working with the entire Avatech Solutions team to build on its success," said Pratt. "The company presents outstanding potential based on its ability to sell solutions, not just boxes of software. My goal is to help our customers maximize the advantages of PLM along with Avatech's entire set of product and service offerings." Prior to TTI, Pratt served as Vice President at InterVoice-Brite. He led the network services division team to grow revenues by 20% in two years, enabling the company to successfully compete head-to-head against much larger, established competitors including Nortel Networks and Lucent. Formally educated as an industrial engineer, Pratt began his career in the manufacturing industry with Texas Instruments. Leveraging his combination of leadership, sales and marketing, and engineering skills, Pratt will work to establish Avatech as a major provider in the PLM market. 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, higher education and GIS markets. Headquartered in Owings Mills, Maryland Owings Mills is an unincorporated community and a census-designated place in Baltimore County, Maryland, United States. The population was 20,193 at the 2000 census. Owings Mills is home to the northern terminus for the Baltimore Metro Subway and to Owings Mills Mall. , 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 500 and Engineering News Record's Top 500 companies. Visit 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 the Securities and Exchange Commission filings of PlanetCAD, Inc., which merged with Avatech on November 19, 2002 including, but not limited to, PlanetCAD's annual report on Form 10KSB KSB Kogod School of Business (American University) KSB Kelley School of Business (Indiana University) KSB Kantonsschule Am Brühl St. for the year ended December 31, 2001, its quarterly reports on form 10-Q Form 10-Q See 10-Q. for the fiscal quarters ended March 31, June 30, September 30, and December 31, 2002. Interested persons may obtain a free copy of these documents at the SEC's web site at www.sec.gov, or by contacting Gary Rever at Tel: (410) 902-6900 or email mcraigmyle@avat.com. |
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