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VIDE > SEC Filings for VIDE > Form 8-K on 30-Jul-2013All Recent SEC Filings

Show all filings for VIDEO DISPLAY CORP



Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definite Agreement

On July 26, 2013, the Company signed a definitive agreement to sell primarily all of the assets and liabilities of the Company's Lexel Imaging Systems, Inc. subsidiary to Citidal Partners LTD, LLC.

Under the terms of the agreement, Video Display Corporation will receive cash and Citidal debt securities for the sale of Lexel Imaging Systems, a manufacturer of specialty Cathode Ray tubes for military, medical, industrial and simulation markets. Lexel Imaging Systems, which is part of the Video Display Corporation family of display companies, accounted for approximately 13 percent of the total corporate revenues for the most recent fiscal year ended February 28, 2013.

The transaction, which has been approved by the boards of directors of both companies, is subject to customary closing conditions, including review and approval of Video Display Corporation's commercial banker, PNC Bank, and it is expected to close on or before September 23, 2013. All of Lexel Imaging Systems's current employees and management staff are expected to remain in place in Lexington, KY and will join Citidal at the close of the transaction.

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