Ballantyne Strong Sells Assets of Lighting Business to Syncrolite
December 21 2015 - 7:00PM
Business Wire
Ballantyne Strong, Inc. (NYSE MKT: BTN), a holding company
with diverse business activities focused on serving the cinema,
retail, financial and government markets, today announced the sale
of the assets of its lighting business to Syncrolite, LLC.
Kyle Cerminara, Chairman and Chief Executive Officer of
Ballantyne Strong, Inc. commented, “This transaction is a natural
next step for Ballantyne Strong as our new leadership sharpens our
focus on businesses that are core to our new strategy. In the last
few months, the newly elected Board of Directors has streamlined
our operating businesses into two distinct divisions, (1) Cinema,
led by President Ray Boegner and (2) Digital Media, led by
President Steve Schilling. We are excited about the strong
foundation we have in these two core businesses and we look forward
to continuing the operational improvements we have made in the last
few months. Our core businesses are now generating significant cash
flows and we are evaluating acquisition and investment
opportunities in numerous businesses that we believe will result in
the highest return on invested capital for our shareholders. We
could not be more excited about the future of Ballantyne Strong and
its new strategy.”
Jerry Trojan, Chief Executive Officer, Syncrolite, commented,
“The Strong name is familiar to everyone in the entertainment
lighting industry and Syncrolite is proud to be in a position to
carry that tradition forward and take Strong Lighting products to
the next level. Our deep knowledge of Xenon lighting systems and
our commitment to customer service makes this move a win-win for
Syncrolite and all past and future Strong Lighting customers.”
About Ballantyne Strong, Inc.
(www.strong-world.com)Ballantyne Strong and its
subsidiaries engage in diverse business activities including the
design, integration and installation of technology solutions for a
broad range of applications; development and delivery of
out-of-home messaging, advertising and communications;
manufacturing of projection screens; and providing managed services
including monitoring of networked equipment. The Company focuses on
serving the cinema, retail, financial, and government markets.
Forward-Looking StatementsExcept 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20151221006149/en/
Ballantyne Strong, Inc.Nate Legband,
402-829-9404Chief Financial OfficerorElise Stejskal,
402-829-9423Investor Relations
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