ATLANTA, July 27, 2009 (GLOBE NEWSWIRE) -- Video Display Corporation (Nasdaq:VIDE) has notified NASDAQ that the Company was unable to file its Quarterly Report on Form 10-Q for the period ended May 31, 2009 on a timely basis. On July 22, 2009 the Company received a letter from NASDAQ confirming that it was not in compliance with Listing Rule 5250(c)(1) and providing the Company a cure period to regain compliance through January 19, 2010.
During the cure period, the Company's common shares will continue to trade on NASDAQ, subject to the Company's continued compliance with other NASDAQ listing requirements. Pursuant to NASDAQ's Listing Rules, the Company has 60 days to submit a plan to NASDAQ to regain compliance. The Company will endeavor to become current in its reporting obligations within such 60-day period, and intends to submit a compliance plan to NASDAQ if it is unable do so. Following any such submission, NASDAQ may provide the Company with up to 180 days (until January 19, 2010) to regain compliance.
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 AMLCD and CRT displays as well as complete projection systems utilizing VDC's Marquee(tm) and ESCP line of projectors. Video Display Corporation operates eight display design and manufacturing plants with additional sales facilities throughout the United States and Europe. For more information, visit the Company's web site at www.videodisplay.com.
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, 2009, 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.