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VIDE > SEC Filings for VIDE > Form 8-K on 27-Sep-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 the majority of the assets and to transfer all of the liabilities of the Company's Lexel Imaging Systems, Inc. subsidiary to Citidal Partners LTD, LLC.

The transaction, which has been approved by the boards of directors of both companies, was due to close on or before September 23, 2013 by the terms of the Asset Purchase Agreement (the "Agreement"). Due to delays in Citadel Partners securing the required financing for the transaction, the closing did not occur. Both parties are working towards agreeing to the terms of a mutually acceptable Amendment to the Agreement that would reinstate the Agreement as modified and set forth a new closing date.

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