VDC Signs LOI Agreement to Sell Division
17 Enero 2013 - 2:11PM
Video Display Corporation (Nasdaq:VIDE), a leader in providing
niche market specialty displays for the defense, industrial and
medical markets, today announced that the Company had reached a
preliminary agreement for the sale of one of its four primary
operating subsidiaries.
Company CEO, Ron Ordway, stated that the Board of Directors had
approved a non-binding Letter of Intent for the Purchase and Sale
of the division in an all cash transaction with the potential
purchaser.
CEO Ordway further stated that the information pertaining to the
sale is being released at this time to further inform shareholders
of the progress being made in regard to the previously announced
intent of management and the Board of Directors to consider
transactions that were determined to enhance Shareholder value.
He further stated that a Definitive Purchase Agreement remains
subject to further Due Diligence on the part of the prospective
purchaser, which review may result in either finalizing or
canceling the proposed transaction. The due diligence period
is set to expire on March 15, 2013 unless further extended upon
agreement of the parties.
It was further stated that the Company had received several
indications of interest in the purchase of additional VDC operating
divisions, but no LOI's or other agreements had been finalized or
agreed to at the present time.
There remains a considerable risk that the above transaction, or
any other transaction involving the sale of a VDC division or
subsidiary, may not be consummated.
CONTACT: Ronald D. Ordway
Chief Executive Officer and Chairman
770-938-2080
Video Display (PK) (USOTC:VIDE)
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