Video Display Corp Signs LOI Agreement To Sell Division-DJ

Dow Jones reported that Video Display Corp announced that the Company had reached a preliminary agreement for the sale of one of its four primary operating subsidiaries. The Company CEO, Ron Ordway 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. Financial terms of the transaction were not mentioned.