ATLANTA, Sept. 29, 2010 (GLOBE NEWSWIRE) -- Video Display Corporation (Nasdaq:VIDE) and Vision Technologies (VTI) today jointly announced the signing of a Preliminary Agreement outlining the terms and conditions in which Video Display Corporation is to acquire a substantial ownership position in Rogers, AR based Vision Technologies, Inc. Execution of the final Purchase and Sales Agreement is expected to be concluded within 90 days.
VTI is a leading designer/manufacturer of ruggedized cameras and camera systems, designed and tested to meet a full range of MIL-STD's, including qualified MIL-STD-901D Grade "A" shock, MIL-STD-167 vibration and MIL-STD 461F EMI. Their systems have proven their ability to handle the devastating effects of over 400g's of acceleration shock during testing, continuing to fully operate without so much as a momentary loss of power, video, or pan and tilt functionality. Currently there are no other camera suppliers that have met these particular standards with an EO/IR fixed or pan and tilt camera/sensor systems. VTI is currently supplying ruggedized cameras for Homeland Security, naval, airborne and land mobile applications.
VDC's CEO, Ron Ordway, stated; "The addition of the VTI proven camera systems to VDC's offering of display product solutions creates a unique opportunity for VDC's Aydin Displays Inc subsidiary and VDC's Cape Canaveral based Display Systems division to now be able to offer complete qualified MIL-STD-901D Grade 'A' shock visual displays/cameras systems to VDC's array of Navy and land based vehicular customers. Likewise, VTI is also now able to provide complete ruggedized display/camera systems to their naval and land mobile customers as well. The companies have jointly identified in excess of $1 billion of market opportunities for the camera systems created by the marriage of the companies' products and expertise over the next ten years in military and defense markets. We are confident that our customers will recognize the viability of the VDC/VTI solution as the best alternative to meet those needs."
VTI, VDC Display Systems and Aydin Displays, Inc are all currently under separate contracts to supply display systems and camera systems to several Domestic and International Naval Programs. These systems are being utilized for Destroyers, Frigates and Aircraft Carriers and others. The companies currently are heavily supporting the Canadian Navy Halifax Frigate Upgrade Program (HCM) and the US Navy Aegis Modernization Program (AMOD) with their respective display and camera technologies.
About Video Display
Video Display Corporation designs, develops and manufactures unique solutions for display requirements for military, medical and industrial use with emphasis on high end training and simulation applications. Its product offerings include ruggedized CRT and AMLCD displays as well as complete projection systems utilizing VDC's Marquee(TM) line of projectors. Video Display Corporation operates eight display design and manufacturing plants plus additional sales facilities throughout the United States and Europe.
This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition, from time to time, Video Display Corporation or its representatives have made or may make forward-looking statements, orally or in writing. Such forward-looking statements may be included in, but are not limited to, various filings made by the Company with the Securities and Exchange Commission, press releases or oral statements made with the approval of an authorized executive officer of the Company. Actual results could differ materially from those projected or suggested in any forward-looking statements as a result of a wide variety of factors and conditions, including items discussed in the Company's Form 10-K for the year ended February 28, 2010, filed with the Securities and Exchange Commission. The Company undertakes no duty to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Video Display Corporation Ronald D. Ordway 770-938-2080