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ATLANTA, Jan. 17, 2013 (GLOBE NEWSWIRE) -- 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