Video Display Corporation Announces Auction To Sell Fox International Ltd., Inc. Subsidiary
ATLANTA, Jan. 10, 2011 (GLOBE NEWSWIRE) -- V ideo Display Corporation (Nasdaq:VIDE) (the "Company"), an international leader in the design, manufacture and distribution of niche market military, medical, commercial and industrial displays, announced today that it will sell its wholly-owned subsidiary, Fox International Ltd., Inc., an Ohio corporation ("Fox"), in a sealed bid auction sale to the highest bidder. VDC management believes that VDC shareholder value will be greatly enhanced by focusing its resources on its primary display business and will continue to seek out opportunities for internal development of new display products as well as review potential acquisitions of other display products and display companies.
Bids will be considered for either Fox International Ltd., Inc. as a corporate entity or for the purchase of 100% of the Fox Intl. assets. The Company will not require a minimum bid; however, the Company's management believes the enterprise value of Fox, with annualized gross revenue of approximately $25 million, to be in the range of $10 million to $15 million.
Interested potential bidders will be given a thirty (30)-day due diligence review period beginning January 15, 2011. All potential bidders will be required to execute appropriate nondisclosure and confidentiality agreements prior to receiving any due diligence materials. Interested bidders should contact Gregory L. Osborn, Chief Financial Officer, at (678) 942-5407, or by e-mail at firstname.lastname@example.org. All sealed bids must be submitted to the Company by five o'clock (5:00) Eastern Standard Time on February 22, 2011. All bids must be submitted in written format and delivered to the attention of Gregory L. Osborn, Chief Financial Officer, at 1686 Tucker Industrial Road, Tucker, GA 30084. All bids will be subject to approval by the Company's Board of Directors, as well as any required lender or regulatory approvals or consents. In addition, all bids will be subject to a right by management of Fox to place a bid higher than any bid entered by a third party. The Company retains the absolute and complete right to accept or reject any bid. All bid materials received by the Company will be returned to unsuccessful bidders.
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