Ballantyne Strong Doubles Size of Technology Incubator and Co-working Facility
February 10 2021 - 9:07AM
Ballantyne Strong, Inc. (NYSE American: BTN) today announced that
it is more than doubling the size of its Digital Ignition
technology incubator and co-working facility and expanding its
services to grow the number of tech startups and small company
members at its state-of-the-art space. Digital Ignition, one of the
fastest growing technology incubators in the state of Georgia, has
provided incubator and co-working services since 2019 and will now
occupy over 10 acres and more than 43,000 sq. ft. in Ballantyne
Strong’s Alpharetta, Georgia campus.
Digital Ignition (www.digitalignition.com)
continues to attract member companies serving industries ranging
from healthcare, education, and information technology to robotics
automation, cybersecurity and transportation. Digital Ignition has
partnered with Georgia Tech’s best-in-class incubator services and
is also the official blockchain, AI and IoT incubator of Forward
Forsyth, a business development collaboration. The expanded
facility space became available with Ballantyne Strong’s recent
successful turnaround and sale of Convergent Media Systems, and the
subsequent relocation of those operations.
Mark Roberson, Chief Executive Officer of
Ballantyne Strong, stated, “Innovation and entrepreneurship have
been cornerstones of our success since inception. We launched
Digital Ignition in 2019 and have seen it grow to be a successful
tech incubator in the Atlanta region. Not only does it generate
recurring revenue, but it is also providing us with a first look at
many early-stage companies. Inside the walls of Digital Ignition as
one example, our team of technologists conceived the technology,
incubated the business and eventually sold Strong Digital Media to
Firefly Systems, the mobile digital advertising network in which we
now have a $13 million investment alongside prominent venture funds
including Google Ventures and NFX. We look forward to supporting
the greater Atlanta entrepreneurial community as we expand Digital
Ignition to meet demand from member companies over the next six to
12 months.”
“We are excited for the opportunity to expand
our co-working and business incubator launch pad,” commented Joanne
Sanders, President of EWISE Communications and General Manager of
Digital Ignition. “We will more than double the space available for
member companies, and we plan to expand not only our footprint, but
also our initiatives to host pitch presentations, connect members
with potential funding groups, and collaborate with area companies
to reach new levels of success.”
About Digital Ignition
Digital Ignition, one of the fastest growing
technology incubators in the state of Georgia, serves as a business
launching pad for 40 rapidly growing companies in the region.
Located in Alpharetta, Georgia (often referred to as the fintech
capital of the world), Digital Ignition’s 43,000 sq. ft. facility
offers flexible and oversized co-working spaces, unique access to
Georgia Tech’s ATDC best-in-class incubator services, and
community-focused accelerator services that match member companies
with area businesses looking to innovate.
Digital Ignition also serves as the official
incubator of Forward Forsyth (a partnership between the local
chamber and the development authority dedicated to driving economic
growth to the region). It also serves as a community partner to the
American Red Cross and was home of Georgia Department of
Transportation’s first hack-a-thon to support their innovative
smart city and traffic light technology efforts.
Digital Ignition, known for its futuristic
architecture, is located on the GA 400 technology corridor
approximately 15 minutes north of Atlanta off of exit 12 (McFarland
Road). For more information or to schedule a tour, please visit
www.digitalignition.com.
About Ballantyne Strong
Ballantyne Strong, Inc.
(www.ballantynestrong.com) is a diversified holding company with
operations and investments across a broad range of industries. The
Company’s Strong Entertainment segment includes the largest premium
screen supplier in the U.S. and also provides technical support
services and other related products and services to the cinema
exhibition industry, theme parks and other entertainment-related
markets. Ballantyne Strong holds a $13 million preferred investment
along with Google Ventures in privately held Firefly Systems, Inc.,
which is rolling out a digital mobile advertising network on
rideshare and taxi fleets. Finally, the Company holds a 30%
ownership position in GreenFirst Forest Products Inc. (TSX: GFP)
which has recently completed an investment in a sawmill and related
assets and a 21% ownership position in FG Financial Group, Inc.
(Nasdaq: FGF) which is implementing business plans to operate as a
diversified insurance, reinsurance and investment management
holding company.
Forward-Looking Statements
Except for the historical information in this
press release, it includes forward-looking statements relating to
the business of the Company that can be identified by the use of
forward-looking terminology such as “believes,” “expects,”
“anticipates,” “will,” “may,” or similar expressions. Such
forward-looking statements involve a number of known and unknown
risks and uncertainties, including but not limited to those
discussed in the “Risk Factors” section contained in Item 1A in our
Annual Report on Form 10-K for the year ended December 31, 2019,
Part II, Item 1A of the Company’s Quarterly Report on Form 10-Q for
the quarterly period ended September 30, 2020 and the Company’s
subsequent filings with the SEC, and the following risks and
uncertainties: the negative impact that the COVID-19 pandemic has
already had, and may continue to have, on the Company’s business
and financial condition; the Company’s ability to maintain and
expand its revenue streams to compensate for the lower demand for
the Company’s digital cinema products and installation services;
potential interruptions of supplier relationships or higher prices
charged by suppliers; the Company’s ability to successfully compete
and introduce enhancements and new features that achieve market
acceptance and that keep pace with technological developments; the
Company’s ability to successfully execute its capital allocation
strategy or achieve the returns it expects from these investments;
the Company’s ability to maintain its brand and reputation and
retain or replace its significant customers; challenges associated
with the Company’s long sales cycles; the impact of a challenging
global economic environment or a downturn in the markets (such as
the current economic disruption and market volatility generated by
the ongoing COVID-19 pandemic); economic and political risks of
selling products in foreign countries (including tariffs); risks of
non-compliance with U.S. and foreign laws and regulations,
potential sales tax collections and claims for uncollected amounts;
cybersecurity risks and risks of damage and interruptions of
information technology systems; the Company’s ability to retain key
members of management and successfully integrate new executives;
the Company’s ability to complete acquisitions, strategic
investments, entry into new lines of business, divestitures,
mergers or other transactions on acceptable terms; or at all; the
impact of the COVID-19 pandemic on the companies in which the
Company holds investments; the Company’s ability to utilize or
assert its intellectual property rights, the impact of natural
disasters and other catastrophic events (such as the ongoing
COVID-19 pandemic); the adequacy of insurance; the impact of having
a controlling stockholder and vulnerability to fluctuation in the
Company’s stock price. Given the risks and uncertainties, readers
should not place undue reliance on any forward-looking statement
and should recognize that the statements are predictions of future
results which may not occur as anticipated. Many of the risks
listed above have been, and may further be, exacerbated by the
COVID-19 pandemic, its impact on the cinema and entertainment
industry, and the worsening economic environment. Actual results
could differ materially from those anticipated in the
forward-looking statements and from historical results, due to the
risks and uncertainties described herein, as well as others not now
anticipated. New risk factors emerge from time to time and it is
not possible for management to predict all such risk factors, nor
can it assess the impact of all such factors on the Company’s
business or the extent to which any factor, or combination of
factors, may cause actual results to differ materially from those
contained in any forward-looking statements. Except where required
by law, the Company assumes no obligation to update, withdraw or
revise any forward-looking statements to reflect actual results or
changes in factors or assumptions affecting such forward-looking
statements.
Investor Relations Contacts |
|
|
Mark Roberson Ballantyne Strong - Chief Executive
Officer704-994-8279 IR@btn-inc.com |
John Nesbett / Jennifer BelodeauIMS Investor
Relations203-972-9200jnesbett@institutionalms.com |
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/16131169-eb2e-4c99-99c9-3d9f5cc38431
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