PlanetCAD Announces Intent to Merge with Avatech
Avatech Solutions, Inc., a leading provider of design automation tools, training, integration services, and technical support, and PlanetCAD Inc. (AMEX:PCD), developer of software solutions for the engineering and manufacturing supply chain, announced today they have executed a Merger Agreement to merge Avatech Solutions, Inc. into a wholly owned subsidiary of PlanetCAD Inc. The merger will combine PlanetCAD’s widely recognized manufacturing-based technologies, including PrescientQA™ quality- checking, with Avatech’s portfolio of software solutions, nationwide sales, marketing and services organization.
Under the terms of the merger, PlanetCAD will issue registered shares of its common stock in exchange for all of the outstanding common stock of Avatech Solutions, Inc. Following the closing of the merger, the current PlanetCAD’s shareholders will own 25% and Avatech’s shareholders will own 75% of PlanetCAD’s outstanding common stock. Closing of this merger is subject to certain conditions contained in the merger agreement.
PlanetCAD Announces Appointment of New President And CEO
PlanetCAD Inc. (AMEX:PCD), makers of Cycle Time Reduction™ software solutions for the manufacturing supply chain, today announced the promotion of Mr. David Hushbeck from VP & GM Supply Chain Solutions to President and Chief Executive Officer. The promotion of Mr. Hushbeck follows the acquisition by PlanetCAD of its Cycle Time Reduction™ software in June 2001, and PlanetCAD’s increased emphasis on providing related Cycle Time Reduction™ solutions during the design and manufacturing process for the manufacturing supply chain.
"Prior to joining PlanetCAD in May 2001, David Hushbeck was COO responsible for the strategy, development, business development and marketing of the manufacturing supply chain solution of our recently acquired Cycle Time Reduction™ software. Since joining our company, David has proven to be an invaluable asset to us with regard to our Cycle Time Reduction™ development, marketing and selling efforts, and to be a respected leader among our employees,” said Eugene Fischer, PlanetCAD's Chairman. "With the evolution of our business over the past year, we continue to view ourselves as a new company with the advantages of strong customer and partner relationships, technology, and funding for future growth. We believe this is the right time to appoint an executive with the strong operational and sales background for Cycle Time Reduction™ in the manufacturing supply chain market that David possesses."