UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): August 30, 2013
VIDEO DISPLAY CORPORATION
(Exact name of registrant as specified in its charter)
Georgia | 0-13394 | 58-1217564 | ||
(State of incorporation) | (Commission File Number) |
(IRS Employer Identification No.) |
1868 Tucker Industrial Road Tucker, Georgia |
30084 | |
(Address of principal executive offices) | (Zip code) |
Registrants telephone number, including area code: (770) 938-2080
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.01 Completion of Acquisition or Disposition of Assets.
On August 30, 2013 Video Display Corporation (the Company) completed the sale of the majority of the assets and the transfer of specified liabilities of the Companys wholly-owned subsidiary, Aydin Displays Inc. (Aydin). Aydin was sold to a newly formed acquisition affiliate of Sparton Corp. for a combination of cash, plus an additional earn-out potential that could be in excess of $6 million dollars based upon the achievement of reaching certain projected levels of EBITDA generated by the new Aydin in the subsequent 12-month period to the August 30, 2013 closing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: September 5, 2013 | VIDEO DISPLAY CORPORATION | |||||
By: | /s/ Ronald D. Ordway | |||||
Ronald D. Ordway | ||||||
Chief Executive Officer |