TEMPE, Ariz., March 17 -- Three-Five Systems Inc. announced today that its board of directors has approved a spinoff of its LCoS Microdisplay Division into a separately traded public company named Three-Five Microdisplay Inc. (TFMC). The spinoff will occur early this summer. TFMD stock will apply to have its stock traded on Nasdaq under the symbol "TFMD." The LCoS Microdisplay Division makes liquid crystal on silicon microdisplay products for markets such as high-definition televisions and headsets for video games. 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