Avatech's board of directors approved an agreement with W. James Hindman, its chairman of the board. In it, Mr. Hindman extends his guarantee of a US$700,000 line of credit maintained by Avatech Solutions Subsidiary -- a subsidiary of the Avatech -- with K Bank.
In consideration of the extension, the company is paying Mr. Hindman a credit enhancement fee of $28,000 and is allowing the Hindman Family Dynasty Trust to purchase up to 100,000 shares of Avatech's common stock at any time through October 21, 2008 at an exercise price of $1.02 per share.
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