Avatech Solutions Inc. announced it has closed a private placement of stock purchase warrants and Series D Convertible Preferred stock. Avatech raised a total of $778,522 in the sale of 1,297,537 shares of preferred stock and warrants to purchase 1,730,049 shares of the company's common stock. Sixteen investors participated in the offering, including the company's chairman of the board, W. James Hindman, and Capstone Ventures SBIC LP, an affiliate of board member Eugene Fischer. Proceeds of the offering will be used for working capital and to fund the company's expansion strategy.

Source: Avatech, Jan. 20, 2004