Avatech Solutions Elects Thom Waye to Board of Directors.BALTIMORE -- Avatech Solutions, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AVSO AVSO Association of Voluntary Service Organisations .OB), the nationwide technology experts for design, engineering, and facilities management, today announced the election of Thom Waye, Managing Partner and founder of the Sigma Opportunity Fund, to Avatech's board of directors. Mr. Waye, age 41, founded the Sigma Opportunity Fund in 2003 and has more than 20 years of financial and operational experience within the technology, telecommunications, and healthcare sectors. Prior to forming Sigma, he was a Partner and Managing Director at ComVest Venture Partners, L.P., where he was primarily responsible for originating and structuring the fund's operating company operating company A business that engages in transactions with outsiders. investments. Before joining ComVest, Mr. Waye was with AIG AIG addressee indicator group (US DoD) AIG American International Group, Inc AiG Answers in Genesis (religious group in defense of Scripture) AIG Artificial Intelligence Group AIG Australian Industry Group Global Investment Corporation, a $10+ billion private equity group, where he had responsibility for fundraising and fund development. In addition, he previously led Motorola's and Unisys' New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of based non-banking, financial services sales and marketing efforts. "Thom's unique combination of financial and business expertise will bring a valuable new perspective to our board of directors," said Avatech Chairman W. James Hindman. "We look forward to his contributions as we work to expand Avatech's national presence and take advantage of the many growth opportunities in our industry." Thom Waye commented, "Avatech has achieved strong top-line growth and has emerged as a leading design and engineering systems integrator in this space. Having recognized an opportunity for industry consolidation, Sigma is excited to partner with Avatech strategically and financially, helping it to increase shareholder value via organic growth and acquisitions. The recent Sterling acquisition includes opportunities for cross-selling services, and represents both an increase in core revenues and an important step toward achieving a more diversified, higher margin business." Mr. Waye holds an MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration in Accounting and Finance from the University of Chicago Graduate School of Business Recruiters also voice a strongly positive opinion of students. According to BusinessWeek's biannual MBA rankings: "Chicago's grads were hands-down favorites in our survey of companies that hire MBAs. and a B.Sc. in Management Information Systems and Marketing from Syracuse University. The addition of Mr. Waye brings the total number of Avatech's board members to eight. He will serve on the board's executive and compensation committees. About Avatech Solutions 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 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 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 (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 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. 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 the Company's financial results, are included in its Securities and Exchange Commission filings, including, but not limited to, the annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ending June 30, 2006 and other Securities and Exchange Commission filings. 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. |
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