Video Display Corporation to Appeal NASDAQ Notification
31 January 2006 - 7:44AM
Business Wire
Video Display Corporation (NASDAQ:VIDEE) today announced that on
January 24, 2006 Video Display Corporation (the "Company") received
a notice from the staff of The NASDAQ Stock Market stating that the
Company is not in compliance with NASDAQ's requirements for the
continued listing of the Company's securities on The NASDAQ Stock
Market. This notice was sent automatically due to the Company's
failure to timely file its Quarterly Report on Form 10-Q for the
fiscal quarter ended November 30, 2005, as required under NASDAQ
rule 4310(c)(14). As previously reported by the Company in a press
release dated January 23, 2006, the Company's Form 10-Q was due to
be filed on January 17, 2006, but could not be filed within the
prescribed time period for reasons outlined in the press release.
The NASDAQ notice also stated an "E" will be appended to the end of
the Company's common stock trading symbol, changing the symbol to
"VIDEE" until the noncompliance is corrected. The notice from
NASDAQ does not by itself result in delisting of the Company's
securities if the Company, within seven calendar days from the date
of such notice, requests a hearing. On January 30, 2006, subsequent
to receiving the NASDAQ notice of delisting, the Company filed its
Form 10-Q for the fiscal quarter ended November 30, 2005, having
resolved the accounting issues that had led to the delay in filing.
The Company intends to make a timely request for a hearing with the
NASDAQ Listing Qualifications Panel on this matter. The request for
a hearing will stay the delisting pending the hearing and a
decision by the Panel. At the hearing, the Company intends to
outline the cause of the late filing and the steps it has made and
intends to make to prevent late filings in the future. While the
Company expects the hearing to be successful, there can be no
assurance that the Panel will accept the Company's position and
grant its request for continued listing. The Company may appeal any
adverse decision of the Panel to the NASDAQ Listing and Hearing
Review Council. Any such appeal by the Company would not stay the
ruling of the Listing Qualifications Panel. 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 11 display design
and manufacturing plants plus eight 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, 2005, 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.
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