Video Display Corporation Announces Completion of Fox Intl. Sale
31 Mai 2011 - 7:40PM
Video Display Corporation, a leading international designer,
manufacturer and supplier of specialty niche market displays for
defense, medical, commercial and industrial applications,
(Nasdaq:VIDE) today announced the finalization of the previously
announced intention to sell the Company's Fox International Ltd
subsidiary. The conditions of closing were based upon an effective
date of March 1, 2011 to coincide with the audited fiscal February
28, 2011 year end.
The Company reported a gross purchase and sale price of
$6,408,589 based upon the February 28, 2011 audit results of Fox
International's book value of assets. Payment of the purchase price
was comprised of a combination of cash, assumption of Fox's book
value of liabilities and the tender of common shares of Video
Display Corporation. As part of the transaction, Ron Ordway, the
Company's chief executive officer, has surrendered 400,000 shares
of Video Display common shares which will be added to the treasury
shares of the Company. The total number of outstanding shares of
the Company has been reduced from approximately 8.4 million shares
to approximately 7.6 million shares outstanding as a result of the
Fox International sale.
According to a Company spokesperson, the sale of the Fox
International subsidiary will be immediately and significantly
accretive to the Company's quarterly and annual financial results.
Additionally, the sale is a major step in the Company's progression
from a consumer product manufacturing and distribution company to
an internationally recognized factor in the design, manufacturing
and supply of display and display systems for military, medical,
commercial and industrial applications.
About Video Display Corporation
Video Display Corporation designs, develops and manufactures
unique solutions for display requirements for military, medical and
industrial use with emphasis on high end training and simulation
applications. Its product offerings include rugged AMLCD and CRT
displays as well as complete projection systems utilizing VDC's
Marquee™ line of projectors. Video Display Corporation operates 8
display design and manufacturing plants plus additional sales
facilities throughout the United States and Europe.
This document contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
In addition, from time to time, Video Display Corporation or its
representatives have made or may make forward-looking statements,
orally or in writing. Such forward-looking statements may be
included in, but are not limited to, various filings made by the
Company with the Securities and Exchange Commission, press releases
or oral statements made with the approval of an authorized
executive officer of the Company. Actual results could differ
materially from those projected or suggested in any forward-looking
statements as a result of a wide variety of factors and conditions,
including items discussed in the Company's Form 10-K for the year
ended February 28, 2011, filed with the Securities and Exchange
Commission. The Company undertakes no duty to publicly update
forward-looking statements, whether as a result of new information,
future events or otherwise.
CONTACT: Ronald D. Ordway, Chairman and CEO
770-938-2080
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