Ballantyne Strong Announces Departure of Chief Executive Officer Gary Cavey
May 05 2015 - 4:01PM
Business Wire
Ballantyne Strong, Inc. (NYSE MKT: BTN), a diversified provider
of digital technology services, products and solutions, today
announced the departure of Gary L. Cavey from the positions of
Director, President and Chief Executive Officer of the Company
effective Friday, May 8, 2015. Chris D. Stark, who has served as
Senior Vice President and Chief Operating Officer of Ballantyne
Strong since May 2010, has been appointed President of Ballantyne
Strong.
“We believe there is significant opportunity to improve
financial performance at Ballantyne Strong,” said D. Kyle
Cerminara, Board Member of Ballantyne Strong and CEO of Fundamental
Global Investors. “Ballantyne has an 80-year track record of
providing innovative products and services to the cinema industry,
and has built strong capabilities in the areas of digital media and
managed services. We are looking forward to working with Chris
Stark, the senior management team and the newly comprised Board of
Directors to enhance shareholder value. We wish Gary Cavey good
luck in his future endeavors.”
“We would like to thank Gary Cavey for his service to Ballantyne
Strong,” said Samuel C. Freitag, Chairman of the Board of Directors
of Ballantyne Strong. “We have great confidence in Chris Stark to
work with the other members of our senior management team to ensure
that we maintain a high level of execution and customer
service.”
“I’m proud of the work we have done at Ballantyne during my time
as Chief Executive Officer and I remain a significant shareholder,”
said Mr. Cavey. “I believe that Ballantyne has a bright future
ahead of it and look forward to supporting the Board and management
team in their efforts to create value for shareholders in the
future.”
About Ballantyne Strong, Inc.
(www.strong-world.com)
Ballantyne Strong designs, integrates, and installs technology
solutions for a broad range of applications; develops and delivers
out-of-home messaging, advertising and communications; manufactures
projection screens and lighting products; and provides managed
services including monitoring of networked equipment. The Company
focuses on serving the cinema, retail, financial and government
markets.
Forward-Looking Statements
Except for the historical information in this press release, it
includes forward-looking statements that involve risks and
uncertainties, including but not limited to, quarterly fluctuations
in results; customer demand for the Company’s products; the
development of new technology for alternate means of motion picture
presentation; domestic and international economic conditions; the
management of growth; and other risks detailed from time to time in
the Company’s Securities and Exchange Commission filings. Actual
results may differ materially from management’s expectations. The
Company does not undertake to update or revise forward-looking
statements in this press release to reflect the impact of
circumstances or events that arise after the date the
forward-looking statements are made, except as required under
applicable securities laws.
Financial Profiles, Inc.Tony
Rossi310-622-8221trossi@finprofiles.com
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