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Video Display Corp Announces Agreement to Sell Lexel Imaging Systems

Friday, 26 Jul 2013 11:01am EDT 

Video Display Corp announced a definitive agreement was signed to sell primarily all of the assets and liabilities of the Company's Lexel Imaging Systems, Inc. subsidiary (Lexel) to Citidal Partners LTD, LLC. Under the terms of the agreement, Video Display Corporation (VDC) 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 market requirements. Lexel, which is part of the VDC family of display companies, accounted for approximately 13% of the total corporate revenues for the 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 VDC's commercial banker, PNC Bank, and it is expected to close on or before September 23, 2013. All of Lexel'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. 

Company Quote

-0.03 -1.01%
4:00pm EDT