ATLANTA, Sept. 25, 2014 (GLOBE NEWSWIRE) -- Video Display Corporation (Nasdaq:VIDE) announced today that, due to the resignation of one of the Company's independent members of the Board of Directors, as previously reported on September 3, 2014, in its 8-K Filing with the Securities and Exchange Commission, the Company received, as expected, a notification letter from The NASDAQ Stock Market ("NASDAQ") stating that the Company no longer complies with Nasdaq's independent director and audit committee requirements as set forth in Listing Rule 5605. The NASDAQ letter was issued in accordance with standard NASDAQ procedures. As previously reported on the Company's issued 8-K Filing, Ms. Carolyn Howard tendered her resignation effective August 20, 2014, which resulted in the Board of Directors not having a majority of independent members in the compilation of the Board as required by NASDAQ rule 5605. Consistent with Listing Rules 5605(b)(1)(A) and 5605(c)(4), NASDAQ will provide the Company a cure period in order to regain compliance as follows:
- until the earlier of the Company's next annual shareholders' meeting or August 20, 2015; or
- if the next annual shareholders' meeting is held before February 16, 2015, then the Company must evidence compliance no later than February 16, 2015.
CONTACT: Ronald D. Ordway, Chairman and CEO 770-938-2080