Video Display Corporation Acquires Interest In Vision Technologies, Inc.
ATLANTA, Sept. 29, 2010 (GLOBE NEWSWIRE) -- Video Display Corporation (Nasdaq:VIDE) and Vision Technologies (VTI) today jointly announced the signing of a Preliminary Agreement outlining the terms and conditions in which Video Display Corporation is to acquire a substantial ownership position in Rogers, AR based Vision Technologies, Inc. Execution of the final Purchase and Sales Agreement is expected to be concluded within 90 days.
VTI is a leading designer/manufacturer of ruggedized cameras and camera systems, designed and tested to meet a full range of MIL-STD's, including qualified MIL-STD-901D Grade "A" shock, MIL-STD-167 vibration and MIL-STD 461F EMI. Their systems have proven their ability to handle the devastating effects of over 400g's of acceleration shock during testing, continuing to fully operate without so much as a momentary loss of power, video, or pan and tilt functionality. Currently there are no other camera suppliers that have met these particular standards with an EO/IR fixed or pan and tilt camera/sensor systems. VTI is currently supplying ruggedized cameras for Homeland Security, naval, airborne and land mobile applications.
VDC's CEO, Ron Ordway, stated; "The addition of the VTI proven camera systems to VDC's offering of display product solutions creates a unique opportunity for VDC's Aydin Displays Inc subsidiary and VDC's Cape Canaveral based Display Systems division to now be able to offer complete qualified MIL-STD-901D Grade 'A' shock visual displays/cameras systems to VDC's array of Navy and land based vehicular customers. Likewise, VTI is also now able to provide complete ruggedized display/camera systems to their naval and land mobile customers as well. The companies have jointly identified in excess of $1 billion of market opportunities for the camera systems created by the marriage of the companies' products and expertise over the next ten years in military and defense markets. We are confident that our customers will recognize the viability of the VDC/VTI solution as the best alternative to meet those needs."
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