Video Display Announces Auction Results in Sale of Fox Intl. Subsidiary
24 2월 2011 - 3:43AM
Video Display Corporation (Nasdaq:VIDE) today announced the receipt
of auction bids for the February 22, 2011 auction sale of the
Company's Fox International Ltd. subsidiary. The Company had
previously announced its intent to sell the Fox International
subsidiary through an auction process in order to streamline its
efforts by concentrating on VDC's remaining business in the area of
military, medical and commercial displays.
A Company spokesperson stated that Video Display's Board of
Directors has received a management buyout bid for the Company's
Fox International subsidiary which is in excess of the Balance
Sheet equity value recorded on the Company's current financial
statements and is in excess of the minimum bid required by the
Board of Directors to affect a sale of the subsidiary.
In addition to the firm bid received, the Company received
strong indications of interest from five industry participants who
have requested an extension of 30 days of due diligence period to
allow for additional meetings with the management team at Fox
International and further review of the subsidiary financials and
operations prior to submitting a final bid.
In an effort to generate the greatest possible value from the
sale of the subsidiary, Video Display's Board of Directors has
resolved to extend the due diligence time period for an additional
30 days through March 22, 2011 for those five interested parties
only, which will grant the additional time necessary to develop
their final decisions.
Upon the cessation of the additional 30 day due diligence
period, subject to approval of VDC's corporate bankers, Video
Display Corporation's Board of Directors will accept the Management
buyout bid or a competing bid from one of the other five interested
bidders should one be received in excess of the current bid.
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.
CONTACT: Ronald D. Ordway, Chairman and CEO
770-938-2080
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