Avatech Solutions Finalizes Acquisition of Sterling Systems Acquisition Extends Market Reach, Boosts Revenues & Net Income.BALTIMORE -- Avatech Solutions, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : AVSO AVSO Association of Voluntary Service Organisations .OB), the U.S. leader in design automation solutions, announced today it has completed the acquisition of Sterling Systems and Consulting. Sterling Systems and Consulting is one of the largest providers of Autodesk design technology solutions and consulting services in the Midwest and is one of the largest civil engineering solution providers worldwide. Sterling has offices in Detroit, Indianapolis, Chicago, and Cleveland providing Avatech with four new locations in the upper Midwest The Upper Midwest is a region of the United States with no universally agreed-upon boundary, but it almost always lies within the US Census Bureau's definition of the Midwest and includes the states of Minnesota and Wisconsin, as well as at least the Upper Peninsula of Michigan. , bringing the total number of Avatech offices to twenty across the nation. "The addition of Sterling Systems extends our ability to serve clients in some of the larger markets in the upper Midwest," said Scotty Walsh, Avatech's 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. . "This acquisition fits with our current growth strategy and we welcome the 36 seasoned professionals from Sterling to our team." With extensive industry experience leading the company for over 15 years, Sterling founder Bruce White, will become Avatech Solutions' Infrastructure Solutions Group Vice President. "This move shows our continued commitment to building a comprehensive, nationwide design automation and technology services company dedicated to helping our customers achieve competitive advantage." said Walsh. "From a financial point of view, this acquisition will add approximately $11 million in revenues and be immediately accretive to earnings." This transaction was financed with a loan from Mercantile - Safe Deposit and Trust Company. 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 Process optimization is the practice of making changes or adjustments to a process, to get results. Optimization is the use of specific techniques to determine the most cost effective and efficient solution to a problem or design for a process. for the manufacturing, engineering, building design and facilities management The management of a user's computer installation by an outside organization. All operations including systems, programming and the datacenter can be performed by the facilities management organization on the user's premises. 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 www.avatech.com for more information. About Sterling Systems Founded in 1990, Sterling Systems & Consulting, Inc. is a leading provider for CAD and design technologies in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Sterling Systems is known for delivering complete technology solutions including training, implementation, customization as well as software and hardware solutions. The company is headquartered in Madison Heights, MI with several regional offices. Visit http://www.sterling-systems.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, 2005 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. All brand names, product names, or trademarks belong to their respective holders. |
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